Open Banking

Open Banking: For once, the creative industries should be following financial services’ lead

Right now in financial services, there is a massive shift taking place.

European law and UK Open Banking regulations are forcing banks to allow their customers to use any service they want to manage their current accounts, and the results are, from a marketer’s point of view, fascinating.

Sure, some banks are being dragged kicking and screaming into this new world but there are some who are seeing the opportunity. 

Anorak will use Open Banking to sell life insurance

For years, upstart fintechs have aimed to create innovative experiences that deliver value to consumers, often at the expense of entrenched financial institutions. 

One of the ways they have accomplished this is by using a variety of techniques to retrieve their users’ data from the financial institutions they bank with.