Open Banking, seen as a potential game changing regulatory change, is set to launch in the next few days in the UK; Open Banking requires banks to allow fintechs and other third parties to have access to customer data if the consumer agrees to grant access; the new law will allow for a safer data exchange, in the past consumers shared their login details and third parties scraped the data, and standardize access across the UK and Europe; while banks have pushed back on the coming change this will allow customers to better control their information and tailor services to their lifestyles. Source.
