Skip to main navigation Skip to main content

  1. Home
  2. Insight Series
  3. Regulatory Updates
  4. Open Banking: the dawn of a new era

21/05/2018

Open Banking: the dawn of a new era

The introduction of Open Banking will have an impact on merchants and consumers, as well as banks. Merchants could see important changes in their relationships with customers and their banks. Individuals and small and medium-sized enterprises (SMEs) will both have more control of their financial data.

Find out more in our videos and short report below.

What is Open Banking?

The new rules, which came into force on 13 January, are intended to promote innovation by giving customers new rights over their data. Watch the 60-second video below to learn more about what has changed.

Watch: expert insights for merchants

In the short video below, Ruth Milligan, Head of Financial Services and Payments at techUK, and Lloyds Banking Group’s Steve Smith, talk you through what you most need to know about Open Banking. Watch the video to learn more about:

  • Potential benefits for personal customers and small businesses
  • How security and consent are central to the system
  • How Open Banking is set to expand into new areas

Short report: Open Banking – a new era begins

For more detailed insights, download our short report ‘Open Banking: a new era begins’. Highlights include:

  • How data will drive more personalised products and services
  • Q&A with Ben Robinson, Chief Strategy Officer at Temenos
  • What merchants need to know about APIs and PISPs

Download the report

The arrival of Open Banking marks the beginning of a process that all parties must gradually adapt to. It also creates opportunities for merchants and banks to work together in new ways as we all look to the future.

Receive our Thought Leadership and Market Updates

Get our top insights to help your business by signing up to our Thought Leadership and Market Updates. From the latest retail trends to payment regulation, our experts will keep you up to speed. Please enter your email below if you would like to receive our Thought Leadership and Market Updates.

Your information will be held be Lloyds Bank plc trading as Cardnet, part of the Lloyds Banking Group. More information on the Group can be found at lloydsbankinggroup.com.


Enter
Please scroll down in order to confirm acceptance of our Terms and Conditions