Open Banking has reached one year in the UK and the initiative is proving to be challenging and effective; the biggest issue is widespread adoption, only 25 percent of consumers have heard of open banking and of that group 20 percent knew what it meant; FT Money provides a guide on available apps, future innovations and how these firms address security concerns; as big banks embrace open banking the expectation is that adoption will increase significantly; the term open banking doesn’t necessarily have to be known for the program to work, so long as consumers receive the benefits of the initiative. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.