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The open banking revolution - can it take off?

Three women using mobile phones Credit: (c) Image Source

You’ve decided to dump the bank you’ve been with most of your life. A current account offered by a rival – perhaps with a cheaper overdraft, better rewards or helpful budgeting tools – looks enticing online.

What next?

Until this weekend it would have taken up to seven working days to switch – account details, direct debits, standing orders and all. You may have needed to troop down to a branch of the rival bank armed with a wad of transaction statements.

This faff is one of the reasons Britons are statistically more likely to get divorced than switch banks.

Open Banking, the new rules designed to usher in a digital revolution that came into force yesterday, is meant to change all that.

Under the reforms, customers are given the keys to their own financial data, enabling them to change providers in minutes with a few simple clicks. Consumers will be in control – data will only be transferred...

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