In the next instalment of our podcast series on the UK consumer, analysts from our EMEA structured finance team, Greg O’Reilly and Greg Davies, discuss The Open Banking initiative, which went live in January 2018 and requires the United Kingdom's nine largest providers of current accounts to share their customer data with third parties, subject to client consent.
The greater accessibility of data will improve consumer credit assessments and loan pricing, consumers’ ability to manage their finances and offer opportunities to Fintech companies eager to expand. However, there are negative implications, including the prospect of higher consumer leverage.