Disruption is a buzzword in business right now.
Old models are crumbling while new models, powered by emergent technology, are replacing them. Uber, Airbnb, Deliveroo – each provides a recognisable service in a new way. Financial Services are not immune.
The UK’s Open Banking legislation came into force on January 13, 2018. This was the second phase of a ‘managed roll out’ which aims to facilitate innovation, competition and efficiency in banking. Open Banking puts everything up for grabs - including savings and transactional accounts, mortgages, personal loans, debt collection, debit cards, and credit cards.