The Ozone Layer – Is open banking rocket fuel for the challenger banks?
In this episode of the Ozone Layer, we talk to Diane Brocklebank who leads the Prepaid Internal Forum. An industry association representing many of the challenger banks, fintechs and smaller financial institutions who are looking to grow rapidly. Often at the expense of the biggest banks.
We talk about whether open banking is a massive opportunity or headache, what are the use cases that are gaining traction and what is coming next.
The FCA has published its Open Finance Roadmap with specific milestones, credible use cases, and an honest acknowledgement that the UK is catching up, not leading. We break down what the plan gets right, where the real risks are, and what regulators worldwide should take from it.
In September 2024, I published Global Interoperability, making the case that open finance would only deliver on its promise if the underlying plumbing was standardised globally, not just market by market. Eighteen months later, the landscape has changed considerably. More markets. More data. More urgency. Three arguments from that piece have aged particularly well, and...
Open banking facilitates the secure sharing of financial data. Read our comprehensive guide to learn everything Open Banking.