While more than three million people already use open banking, just one in 10 Which? members use a finance app that's not provided by their bank, according to a survey we carried out in February 2021. From getting an overview of all your accounts in one place, to developing algorithms to squirrel away extra savings without impacting your normal spending habits. Third parties that access your data can use it in a wide range of ways to help you manage your money more effectively. These banks can now share your data with third parties safely, by plugging into feeds called Application Programming Interfaces or APIs - but, crucially, only with your permission.įind out more: open banking explained How can open banking help you budget? Open banking is an initiative first launched in January 2018 to encourage innovation in financial services.Īs part of this, the Competition and Markets Authority (CMA) ordered the nine biggest current account providers (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group, Santander) to unlock customer data.
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