Opening up banking data to stimulate innovation and growth

Opening up banking data to stimulate innovation and growth

A recent report by the ODI and the Fingleton Associates explored how competition and consumer value could be stimulated by providing UK customers with their own bank transaction data. The idea is that if banks open up their customer’s transaction data via an API and OAuth, a competitive market would emerge generating new economic, business and customer value. What interested me most was the different ways this data can be used: