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⍰ ASK What is the significance of Open Banking in the United Kingdom?

In 2018, the UK introduced something called Open Banking. Basically, it made banks share your info with certain approved outsiders. Why? To make banks compete more, come up with cooler stuff, and give you more choices.

With your permission, these outside organization can see your bank details. The result? You get cool, personalized money tools like budget apps and fancy ways to pay.

But there's more. Open Banking challenges banks to be better. They race to offer you cooler services. The result? Your banking experience gets a facelift, thanks to technology and innovation improvements.
 

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