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Fintech revolution’s still not here a year into ‘open banking’ in Europe

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 UK, where four banks control 75% of deposits, were particularly keen on the law’s goal of encouraging new entrants. But since the European Union implemented the rules, dubbed Payment Services Directive 2, Jan. 13 last ye…
Banking Industry News

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