Frontier Economics has today published a new bulletin, ‘There’ll be an app for that’, which explores possible changes in the retail banking industry. A powerful combination of technology change and regulatory action is planned to deliver “common open data standards” in banking within the next two years. For those outside of the industry this dry terminology may disguise the scale of competitive force and disruptive innovation that could result.
This bulletin describes the changes that are happening and explores what could follow. This includes potential innovations such as:
- Personal aggregators, drawing in information from people holding banking products with multiple providers;
- Bespoke price comparison services, tailored to individual customer circumstances;
- Payment initiators, generating new opportunities for providers to debit money from customer accounts and crediting it to a retailer at the time of a sale; and
- Personal financial agents, apps and services helping customers optimise their use of different banking services.
Frontier regularly advises companies and financial institutions on issues relating to the banking sector.
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