The UK is about to undergo a banking revolution. Under Open Banking, as outlined in our recent report on the topic, banks will have to share customer transaction data (where the customer so mandates) with third parties. The aim is to introduce competition into a highly concentrated retail banking market.
The change will be profound, and poses real technical and risk management challenges to incumbents.
However, it could mark the first significant step in which UK consumers are given a degree of control over their own data, as the FT's Sarah Gordon recommends in this thoughtful comment piece.
Data may be the world's new currency - as the exalted valuations of Silicon Valley's tech titans suggest. If so, it is time that we, as individuals, take back ownership of our own data.