Gavin Littlejohn

New Rules: Open Banking, FinTech, and Big Tech

James Mackintosh, Louise Beaumont, Elena Lieskovska, Gavin Littlejohn, Ajay Vij, Eric Kilsterman

UK regulators initiated open banking to dismantle incumbent bank monopolies and drive the shift toward hyper-personalized, predictive financial services that address historical market undersupply. While global adoption varies, with the US leading in legacy aggregators and India leveraging biometric identity for leapfrogging, the framework's success hinges on resolving API standardization gaps and clarifying liability models where banks absorb payment initiation risks. Future growth depends on integrating diverse data sectors like healthcare and energy to deliver tangible consumer value, ensuring that emerging fintechs and non-bank providers can compete on experience rather than legacy infrastructure.