There has been much chatter about open banking over the last couple of years, and for a good reason. If it stays on its current growth trajectory, it could revolutionize the financial services sector worldwide, forcing changes to existing business models.
At this stage, many business bankers, and the small commercial clients they serve, are not ready to move to an open banking system. Banks have traditionally enjoyed a monopoly on their consumers’ financial data — and they do not want to lose it. Small business owners might worry that their data is shared with financial services providers other than their banks.
