Open banking: what is it and how is it revolutionising banking?Thursday, 7th November 2019
Blog by pro-manchester comms manager Mel Hill: Interview with Anthony Morrow – CEO, OpenMoney
Open banking is one of the most accessible fintech revolutions that we have seen to date. It gives the user access to much more data than a bank traditionally did, but what are the benefits?
Open banking is essentially a secure way to give service providers access to your financial information. The innovation allows third party businesses to build a more tailored quote for things like health insurance, based on what you can afford and allows you to pay for services entirely through your bank’s app or website.
OpenMoney aims to help their users build a better financial future by helping them to take back control of their spending.
Anthony Morrow is co-founder and CEO of OpenMoney and is passionate about the platform they offer to their customers: “Open banking means people can get a much more in-depth understanding of their own finances, which means providers can make personalised judgements on individuals’ activity,” says Anthony.
“There is currently a lot of work being put into open banking and how all the data is being used. It’s still quite early in the machine learning and AI side of things, but the opportunities currently available enable people to make the right decisions based on informed calculations,” Anthony continued.
“People can now make the best use of their cash possible, so they aren’t paying too much interest on their debt, they aren’t overpaying on bills and they can also identify what expenses they can save money on.”
So, what difference could this have on our economy?
Although it can’t be guaranteed that changes in spending can have a dramatic affect on our economy, particularly in this early stage of the open banking phenomenon, Anthony says it can have a hugely positive impact on our own stresses with money.
“People will be able to save more and therefore spend their money more wisely in other areas. As a bank, we put our customers first and we are passionate about people having great control over their finances.
“The technology our team has developed allows us to automatically message you when patterns are emerging and you’re spending a lot of money on a particular thing each month. This can be something as simple as noticing somebody spends £50 on Nando’s each month and then sending that individual restaurant deals to get half price.
“The consumer in 2019 doesn’t want to be told to stay in in order to save money, they want to be given ways they can still go out and save money too.”
Anthony Morrow will be speaking at the Trailblazing Tech Conference this coming March. One of the key themes for the conference will be The Banking Revolution.
The Trailblazing Tech Conference will explore innovative ways Greater Manchester’s businesses are leading the way and changing traditional sectors. For more information, head to our website.