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January 14 2019

Tom Renwick, strategy analyst at Atom bank, gives his review of Open Banking as we approach one year since the start of the initiative

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Whilst Open Banking began not with a bang, but the proverbial whimper; very few aside from the most ardent of Open Banking enthusiasts were expecting a ‘revolution’ in January. Whilst the OBIE has made significant strides towards a more expansive API specification – there is still much to be done. The implementation of Open Banking in the UK is still very much in its infancy. Equally, compelling API enabled propositions are still nascent in their development. The promise of Open Banking will only be realised when there are fintech’s and banks alike producing innovative products and services leveraging APIs that seek to address real customer needs.

 PSD2 requires strong customer authentication to be performed in certain circumstances. It is imperative for the success of the wider ecosystem that banks ensure that the experience is easy, intuitive and secure. Unfortunately, a number of market implementations fall short of these critical design principles.  Led by the OBIE, a major focus for the first half of 2019 will be on improving customer experience, including the introduction of app-to-app and decoupled redirection.

In September 2019 the regulatory technical standards on strong customer authentication come into force. And it is this date that triggers the real starting gun.

The market developments that Open Banking is likely to bring about are far reaching and could facilitate a more radical transformation of the retail banking sector; but the period over which that takes place is uncertain.

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Financial Services Risk & Compliance