Expect that this will become a commodity solution offered for free, which is great for consumers and the banks and solution providers that are leading in cuctomer experience or have limited appetite for ATM and payment accounts.
The UK government has thrown its weight behind a report calling for the creation of an open banking standard that makes it easy to share and use financial data, arguing that the move would improve choice for customers, promote competition and stimulate innovation. Having promised to work with banks and fintech firms on a detailed framework for an open API standard, in November the government set up the Open Banking Working Group (OBWG), giving it a remit to explore how data could be used to help people to transact, save, borrow, lend and invest their money.
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