FEATURE
BUSINESS BANKING & FINANCE
this says about your business will no longer be the sole preserve of your bank. It’s information about you that you should be able to use to make better business decisions, save money and save time. By using Open Banking you will be able to easily compare
finance products across all of the banks without having to provide bank statements or waste time filling in long application forms. You’ll also be able to get better deals on many existing business expenses, from insurance, energy, telcos and, in time, potentially anything your business buys. It’s arguably the most ambitious scheme of its kind
anywhere in the world and is expected to lead to a revolution in UK banking.
HOW SECURE WILL IT BE? Given the importance of your financial information, security and control are absolutely key. As it’s your data, you will be able to choose exactly who you share any information with, precisely what you share and also for how long. To allow this level of control for business owners and ensure
total security, all of the banks are currently building highly secure application programming interfaces (APIs). These APIs will only be made available to other highly secure, FCA- regulated and authorised businesses such as other banks, insurance providers and financial technology businesses. Our FCA-regulated business, based in the East Midlands,
is already building Open Banking technology to help small businesses. Handle, the small business digital performance app, operates in Nottingham and has been given an exclusive early opportunity by independent technology charity Nesta to start building online tools specifically to help small businesses make use of Open Banking. I believe Open Banking is the most transformational
change in financial services since the formation of the credit bureaus. Given we now live in an online and ‘open data’ world, it’s high time the banks came to the party. We created Handle because small business owners are already struggling to get to grips with all of the information
that exists about them and how they can use it to succeed. Open Banking will be able to help small business owners get a handle on the thing most likely to keep them awake at night. Cash flow. The banks are a safe and trusted place to keep money
and make payments, but they offer clunky online banking experiences, a lack of insight around what their cash position means today, next week or next month and despite knowing what you spend your money on they arguably don’t help you save money. Open Banking is going to give small business owners the
banking experience they deserve; better financial insight, lower costs, plus a faster, easier experience from your phone or tablet. It means that the 5.1 million small businesses in the UK can be more successful, more profitable and ultimately help grow the UK economy.
‘Open Banking is the most transformational change in financial services since the formation of the credit bureaus’
You will be able to choose what you share and who you share it with
46 business network November 2017
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