A fundamental change to the way people can bank, manage and spend their money in the digital world is under way.
A change in the law and the start of the Open Banking system means people can allow businesses, other than their bank, to access their financial data.
Organisers say this has the potential for consumers to get better deals, such as cheaper overdrafts, and to speed up the switching process.
But warnings over fraud risks have already been issued
I don't like this idea at all. The way I understand it is that businesses can be given access to bank customers financial details if they get the customer's permission. But how long is it going to be before businesses start adding a clause to their numerous terms and conditions of business ( Which very few people actually read or understand before agreeing to.) saying that your agreement to them includes your permission for them to access your financial details? As an example, below is the link to Apple's terms and conditions. A clause could easily be inserted saying you give them permission to access your financial details. ( I'm not suggesting that Apple would do such I thing of course. I'm just using that as an example.)