Ian Mckenna: Open banking and the future of financial protection

Open banking is the process through which banks are being forced, by the European Union Payment Services Directive, to provide a level of information to parties that their customers have chosen to trust. Banks have fought to retain this privilege within their own exclusive domain for years. They have also long had the ability to provide customers with a far better insight into their day-to-day spending, but have chosen not to because it suits their commercial objectives. Ideally banks want the customers to run out of money just before the end of the month, so they buy their expensi...