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OPEN BANKING Ready or not, it’s time to open up
As much as some bankers might want to keep their fingers in their ears, Open Banking is here to stay. It’s time to listen to the voice of the consumer, and the voice of the third-party provider, if competitiveness is still the retail banker’s watchword
Senior Fintech Reporter Alex Hamilton
V
ictor Hugo once wrote that “when dictatorship is a fact, revolution becomes a right”. Banks in the industry may not sit atop a throne surrounded by throngs of nobility, as in
France’s Acien Régime, but a certain amount of absolute power has traditionally been wielded by established names. This is especially true in the UK, where Metro Bank’s launch in 2010 signified the first establishment of a high street bank for 150 years.
If you had snatched someone from a queue at Lloyds in 1860 and deposited them in the middle of that branch today they would – after
a moment’s stunned reorientation – probably be able to perform the same banking functions they had been looking for in the distant past. For so long the bank branch was the centre of financial life. Now, in 2018, ask yourself this: how often do you drop into a branch to withdraw money, deposit cash, negotiate your savings account or take out a loan?
To continue with this semi-ridiculous thought experiment, what if you gave the person from 1860 a device that negated almost every function of the branch? A device which meant they did not have to
www.ibsintelligence.com | © IBS Intelligence 2018
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