Anyone who’s used a dating app will tell you that virtual dating isn’t the same thing as meeting someone in person. Sure, you can build an emotional bond of some sort but if that online connection doesn’t translate into the real world, the relationship is over before it begins. Anyone who’s used a dating app will also tell you that apps have forever altered the experience of dating.
In the same way, the world of banking and financial services has changed dramatically in recent years. There was a time, not long ago, when interactions with a bank were largely face-to-face. The first disruption was call centers that gave us a convenient alternative, allowing us to do many things outside of branch hours. We could verify account balances, transfer money, pay bills or even discuss available home-financing options while still interacting with humans. We didn’t even need to venture outside of the house. The next disruptions came in the form of online banking, price-comparison sites, mobile apps to manage our accounts, digital wallets, robo-advice and live chat – all services that offer convenience for consumers.
"So, it’s okay to share my financial data now?"
Open Banking has the potential to revolutionise the financial services industry by giving customers more control of their personal data. Here, Research Director Celine Ledbury examines how banks will need to communicate its worth to their customers in the UK – and to trust in its security.