For past few decades, the exceedingly competitive industry of finance has made it difficult for small challenger banks to withstand and customers to receive ideal and economical financial support. However, the entire industry is expected to encounter major changes with the Competition and Markets Authority (CMA)’s plan to implement Open Banking by 2018.
The CMA, a non-ministerial government department based in the UK in charge of monitoring competition and anti-competitive activities, has announced their official plans to implement a protocol known as Open Banking, which will require both large and medium-sized banks to publish objective information on quality of their services on a unified platform for all users.
http://www.livebitcoinnews.com/uk-banks-required-to-implement-open-banking-to-empower-fintech/
