Commoditization of the Banking sector continues. Expect in the next 5-10 years few utility banks and than many more specialists
UK banks could be forced to make more of the data they store accessible to consumers, rivals and new entrants to the market via standardised technology within the next year or two, under plans being taken forward by the UK government. Software Banking & Restructuring Financial services regulation Privacy TMT & Sourcing IT Security Banks Financial Services UK Europe The Treasury has launched a call for evidence on data sharing and open data in banking following chancellor George Osborne's promise last month to look into "how to deliver standardised APIs in the banking industry". An application programming interface (API) is technology that allows different pieces of software to interact. A government-commissioned report published alongside Osborne's Autumn Statement said that giving consumers better access to data through standardised APIs could improve competition in banking but also provide benefits to banks.