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  • 1 year ago
Money Box Live: New technology and banking

Money Box Live: New technology and banking

New technology is transforming the way we handle our finances. Are you someone who uses mobile apps to keep track of how you spend your money or does the thought of it fill you with dread?

Have you signed up to text alerts informing you of when you're about to go overdrawn? Do you use Twitter and other forms of social media to communicate with your bank or would you rather visit your branch and have a chat with a real person?

Open banking, an industry wide initiative being introduced by the Competition and Markets Authority in January 2018, will mean that customers can choose to share their financial data with third party providers. The aim is to encourage more competition within financial services and provide customers with greater market choice and control over their money. Customers should be able to see a single view of their finances and receive recommendations about new financial and non-financial products such as broadband and energy tariffs. Does this prospect excite you