Imagine, for example, that an organisation develops an app that monitors your spending and you let it make payments on your behalf. It could then monitor your Nationwide current account and spot opportunities to save you money, such as clearing the balance on your credit card so you don't have to pay interest. If you choose to authorise it, that organisation could even make that payment for you.
In the future, Open Banking could improve your banking in ways that we haven't even been thought of yet.
But it's entirely up to you whether you choose to take advantage of it. It isn’t obligatory. Nationwide believes in giving members the freedom to share their banking information to benefit from new ways to manage their money. But it may not be for everybody.
For those that want to use it, the good news is that there are some important safeguards in place to keep your money and data safe.