What is Open Banking?
Open banking will mean reliable, safe, and personalised financial advice. This will be provided by observing how you use your bank accounts. This initiative should be absolutely amazing for everyone using banks, especially those who are not well-versed in banking jargon, if the information provided will be given in non-bank language, but rather in an understandable and simple way. It could potentially help people save lots and lots of money in the long run, especially if third parties are allowed to see the data that is being shared and observed by banks to help guide the users to financial advice.
I feel like this is particularly great, especially as I myself have problems understanding banks sometimes. Just applying for a bank account was something needlessly difficult because of 1) the language banks use on their websites that is hard to understand to someone who is both not a native English speaker and a person that has nothing to do with banks and 2) they name simple things like certain documents in a way that sounds really scary. So really, the application for a bank account is nothing compared to actually seeking financial advice from a bank if they talk like that all the time – you just won’t understand it.
So how can I use the Open Banking Initiative to aid my D&AD project? I will draw information from the data that they provide on their website which will help me figure out which direction I should go as I already have a couple ideas for this.
My main idea for this project is to create something which the user will find not only useful, but helpful in the journey to better understanding of banks.