Boom in financial tools allowing people to manage money more effectively

A boom in people using financial tools which help them to manage their money more effectively by sharing their data securely with firms has occurred during the coronavirus pandemic, according to a credit checking company.

Experian said 57% of lenders have adopted “open banking” technology in the past 12 months, helping people manage their finances in more fluid and intuitive ways online.

Open banking allows people to share information about themselves securely with providers using apps and websites, to find products and services that suit them based on their own transactions. This could help people find a better overdraft for their needs, for example.

The number of people choosing to share their data through “open banking” technology has tripled since the start of the Covid-19 pandemic, Experian said.

In February, Experian’s open data platform recorded more than 188 million data-sharing requests, up from 47 million in February 2020.

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Source: Boom in financial tools allowing people to manage money more effectively