7min chapter

Money Box cover image

Social Tariffs and Open Banking

Money Box

CHAPTER

Understanding Open Banking: Growth and Concerns

This chapter delves into the rising popularity of open banking services, now utilized by over 11 million users, while revealing the public's limited understanding of its implications. Interviews conducted in Greater Manchester illustrate consumer discomfort with sharing financial data, despite the innovation and advantages offered by modern financial apps. Regulatory measures and security mechanisms are discussed, emphasizing the critical role of consumer consent in navigating this evolving landscape.

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