Fintech Revolution Still Not Here a Year Into ‘Open Banking’
- Banks and credit card firms defend payment business with deals
- Big change could be coming in September with new rules
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When European lawmakers ushered in the era of "open banking” for consumers one year ago, both lenders and financial technology startups expected a sea change. For the first time, banks would be required to share account data with competitors as long as customers gave their permission.
Politicians in the U.K., where four banks control 75 percent of deposits, were particularly keen on the law’s goal of encouraging new entrants.