Banking is moving to a new ‘uber’ type method that allows bank data to be shared yet still protect consumers personal information against growing cyber-attacks.
Major investments are being planned in open banking by 2020. This would grant third parties, such as financial technology startups, access to bank data to develop apps.
Open banking would allow consumers to access data to see all their financial accounts and move funds in real time.
In the worldwide trend, consumers could see exactly how to interact with financial service providers. This would also increase competition. For more click here.