As of January 2018, changes to how financial information is shared have come into effect, which could revolutionise Banking as we know it. The only issue is hardly anyone knows what it is!!!!!

Open Banking means that any UK-regulated financial services provider (Bank, Insurer, Broker etc), must allow you to share your financial information with authorised third-party providers, such as budgeting apps, online Banks or financial dashboards. This could effectively bring all your financial information into one place, making managing your money so much easier.

To help break down the topic we have a special guest by the name of John (@thealmanac), who is Digital Product Owner and has studied the subject as part of his MBA.

Topics covered include:

What is Open Banking and how it works?

What are the benefits and dangers?

Who can use Open Banking and what will it cost?

Who will be the third-party providers?

Will there be an impact on your credit score?

As always please tune in and don’t forget to rate, subscribe and comment.

MCP Team

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Jay

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Kalisha

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Francis

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Links

Open Banking

https://www.openbanking.org.uk/

Open Banking explained

https://www.moneysavingexpert.com/banking/open-banking

Deloitte infographics

https://www2.deloitte.com/content/dam/Deloitte/sk/Documents/Random/Addison-Open%20Banking%20-%20What%20The%20Future%20Holds.pdf