BUSINESS BANKING & FINANCE
BUSINESS NETWORK
The
future of business
banking is upon us
Handle CEO, Olly Betts (pictured), discusses how Open Banking could change the way businesses look after and utilise their money in the future.
Imagine a world where your bank helped ensure you never paid too much for anything, where you could access and move your money easily and securely from anywhere and on any device. A world where your business finances weren’t a mystery needing specialists and experts to help you understand what risks and opportunities lay ahead and what you could do to take advantage. That world is about to become a reality. In early 2018 ‘Open Banking’ will mean that, for the first
time, small business owners will have complete control over the information in their bank to do whatever they want with; whether that’s getting better deals, quicker and easier access to your money or better insight to create a more profitable business.
WHAT IS OPEN BANKING? In 2016, following a two-year investigation into the banking sector, the Competition and Markets Authority (CMA) reported that the large established banks didn’t have to compete hard enough for customers and
that many people are paying more than they should and are not able to benefit from new technology or services. One of the remedies to create more competition and give bank customers more control is Open Banking. Open Banking will allow small business owners to securely share information between any of the banks as well as trusted and regulated third parties. Alisdair Smith, Chair of the CMA retail banking
investigation, has said: “We are breaking down the barriers which have made it too easy for established banks to hold on to their customers. Our reforms will increase innovation and competition in a sector whose performance is crucial for the UK economy”.
WHAT DOES THIS MEAN FOR BUSINESSES? For the first time, small business owners will have complete control over their bank account information, to do with as they please. Information about what you buy, how much you spend, who pays you and what
business network November 2017 45
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