As of last week (13th January 2018) the new open banking rules came into force. Also called the Second Payment Services Directive or PSD2, this is a sweeping change to the way banks handle their, for which read YOUR, data. But what are the changes and how will they affect you? And is there anything you need to do now?
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Yes, big changes are afoot in the world of banking, and more changes are still to come over the next couple of years. All of this means your data will be yours to decide who gets access to it, and therefore how it might be used to make your life easier, cheaper, more flexible. One of the most closed-industries is being opened up to the future, and it is definitely going make a difference to how we manage our finances.
Today I cover the main changes which are happening and explore some of the avenues that might be opened up that you can take advantage of.
Resources mentioned in this episode
App: HSBC Beta
Organisation: Open banking Implementation Entity (OBIE)
And, a full transcript is available if you click the big blue button below:
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