Open Banking is the new EU initiative which on the face of it seems a great idea for consumers.
Until now only Banks had access to our full financial and spending history. Now they will be compelled to share this data with third party suppliers.
It is hoped this extra competition will be a positive for the consumer. Third party apps (such as comparison sites) can view our history and suggest cheaper alternatives elsewhere; we can be warned if our spending is likely to lead us being overdrawn - you get the idea.
Fairly obviously there is a dark side - fraud. It is inevitable this will open myriad possibilities for fraudsters. One obvious ploy will be to mimic a genuine third party provider and so access a treasure trove of data.
My view on this is that we should not let fraud deter us from an overwhelmingly positive move.
The consumer does have some protection. They can choose whether or not the Bank can share their data.
Also, I think they should think about Banks taking some responsibility for the third party providers. This will force Banks to undertake some basic due diligence on these new providers which is perhaps beyond the reach of the average consumer.
One question does remain - you do wonder why Banks themselves have chosen not to offer these extra services?
A fundamental change to the way people can bank, manage and spend their money in the digital world is under way.