It's early days, but we can already picture ways in which you could benefit.
Imagine, for example, that you're in the market for a new home. Open Banking will allow you to securely share your personal banking transaction data to check how much you can borrow without having to send in paper copies.
Sharing detailed personal financial data could improve everyone's experience of comparison shopping for financial products. And you’ll be able to do it within a matter of hours from the convenience of your home computer, tablet or smart phone.
It’s likely that new apps will enable you to see all your accounts with us and any other organisations in one place. This can make it easier to manage your everyday banking needs, monitor your comings and goings and to make better decisions with your money.
For example, an app that monitors your spending patterns with the goal of saving you money over the long term. If the app spots that you have enough money in your Nationwide current account to clear your balance on your credit card, it could then calculate your savings on the interest you would otherwise need to pay and message this information to you. With your consent, the third party who provides the app could then make that payment, thereby helping you avoid unnecessary charges.
Open Banking could also lead to the development of smarter apps that analyse your day-to-day finances and then use that information to provide you with personalised product recommendations.
So, lots of possibilities.