The majority of bank customers do not want to share their personal financial information, despite being able to do so under a shake-up of banking intended to crack the dominance of big lenders and boost competition.
From today, several big banks must give third parties — including financial technology companies, retailers and other large banks — access to the data of any customers who allow them to do so. The aim is to let competitors find better deals for those customers on anything from their overdraft to their energy bills.
The change, called “open banking”, was ordered by the Competition and Markets Authority in 2016 as a way of injecting transparency and better deals into the banking world.
Nine lenders — Lloyds, Royal Bank of Scotland,…