Consumers and Open Banking

Paul Davies

Senior Financial Services Analyst

Mintel Group

Paul Davies of Mintel sets the scene at our recent “More Disruption”event, with a view of consumers’ thoughts on Open Banking.
With banks already facing disruption from Fintech and other challengers, the forthcoming implementation of the European PSD2 directive is set to herald a new wave of competition.
Open banking offers consumers the prospect of tailored services and value improvements, but where does it leave the traditional banking model?
Are there opportunities, as well as challenges, for the established players? How should banks rethink their customer relationships and revenue models? And will customers be comfortable with their data being shared?

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