Open banking: what it means for you
A plain-English guide to open banking and the choices it gives you.
Open banking is a way for you to securely connect your bank account with other financial services. It is designed to give you more control over how you access and use your financial information.
What is open banking?
Traditionally, most of your financial information stays inside the bank where you hold your account. Open banking can allow approved financial services to access certain account information or initiate payments when you give them permission.
That can make it easier to see accounts in one place, understand your spending, move money or use services built around your financial needs.
You stay in control
Open banking does not mean giving another company unrestricted access to your bank account. You choose whether to connect an account and what information you agree to share. Access should only be provided with your permission.
Why does it matter?
Connecting financial services can reduce some of the friction involved in managing money across different accounts. Instead of manually checking several places, customers may be able to bring useful financial information together in a simpler experience.
Security still comes first
You should only connect your accounts through services you trust and always review what permissions you are granting. If you no longer use a connected service, review or remove its access where possible.
The idea behind open banking is simple: your financial information should be useful to you, and you should have a say in how it is shared.