Why open banking apps won’t be mainstream until 2020 | Startups | Techworld

"Jeni Tennison, CEO of the Open Data Institute - a vocal exponent of open banking - agreed with the 2020 timescale. She said: "We won’t see much very different in terms of services until then as it takes time to create a business or service that brings extra value.

'Longer term we can foresee a time where banking operates more as a commodity, so you are less choosing your bank account based on the interface because you can choose the interface you want to use across multiple accounts in a way that suits you,' she said, referring to an approach otherwise known as banking-as-a-service.

Izabella Kaminska, a blogger for the Financial Times’ Alphaville site also doesn’t envision a groundswell of public adoption from day one.

'My perception is the industry is obsessed with this as a goldmine, it is going to be exceptionally revolutionary, in the short term actually, but the consumer side of the equation is a bit 'meh'. Most people I speak to just don’t care enough about their bank, it is seen as a utility,' she said.

Entries for the Nesta Open Up challenge are now open with up to £5 million in prize money and other incentives available to up to 20 teams that can build the best service, app or tool on top of the new open banking APIs. The aim of the challenge is to bring 'game-changing value for UK small businesses'."