The Future of Open Banking – a Pinsent Masons & Innovate Finance report

Open Banking is one of the most exciting developments in financial services for years, with the potential to revolutionise how consumers engage with financial products and services.

For example, consumers will find it easier to review their financial position across different accounts and payments will be disrupted, with new parties initiating payments and moving into the territory occupied by debit and credit cards.

Following an SFE Breakfast Briefing on Open Banking in partnership with Pinsent Masons this month, please find a link to the Pinsent Masons and Innovate Finance report here.

The industry report focuses on the key issues around Open Banking, including:

  • collaboration between banks and fintechs
  • customer incentives
  • how age and income affects attitudes to Open Banking
  • liability and governance
  • consent, authentication and authorisation

This is a fast-moving area and the issues are emerging - the report is "version one", kicking off a discussion which is expected to evolve.