Design for Open Banking - Challenges facing UX Designers
summary
Explains how open banking uses open APIs so third parties fetch bank-held transaction data with customer consent, enabling instant product comparisons, single-app aggregation across multiple banks and one-click loan or mortgage applications. Cites concrete examples: Monzo: 1M customers in six months, DBS: 278 APIs, a detected duplicate subscription that saves about $75, and Singapore’s SingPass as a trusted identity. Flags the core problem: lack of regulation causes inconsistent API formats and uneven product comparability and integration effort.
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chapters (13)
- 0:00Intro
- 5:21Benefits of Open Banking
- 6:02Secure Identity Services
- 9:48Examples
- 14:43Instant money movements
- 16:00Reallife example
- 17:34What if
- 18:46Smart Technology
- 20:45Open Banking Platforms
- 22:26International disruptors
- 24:02Banking revolution
- 25:03Questions
- 26:40Who owns the data
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