“Open Banking” is coming your way but what does it mean?

Open Banking has been causing ripples, both across the fintech sector and in the news. Back in 2016, the Competition and Markets Authority (CMA) issued a ruling that requires the nine largest banks in the country to allow licensed startups direct access to their data. And with that the first step towards Open Banking was taken. The decision was a response to the dominance of established banking institutions in the UK Barclays, HSBC, Lloyds, Santander and Royal Bank of Scotland currently hold 80% of the market. The CMA believes that opening up this data to other companies, especially those looking to innovate in personal finance, will result in better deals for consumers. Why is Open Banking happening? Investigation by the CMA found that there was too little competition in the UK banking market. Those same big five banks dominate, each offering fairly similar products at much the same rates with little variation through which consumers could find better deals. We have stagnated as bank
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So you’re over 35. What can you do to prepare for the coming job revolution?

Do you hate your job? Maybe you feel like you’re just having one long bad day in the office. According to research from Vodafone, those aged 31 – 35 are the most likely to be unhappy at work. The main reasons for this are feeling undervalued, feeling under motivated and being unfulfilled. The main consequence could be a desire for a complete change of direction at age 35+. But is this really possible? Given the competitive nature of the jobs market and the fact that artificial intelligence (AI) and automation could make many of today’s employment opportunities irrelevant ten years from now, is this really a wise move – and if so what are your options? Work out what you want Step 1, whatever stage of life you’re at, is to figure out what you want to do next. Being generally unhappy in your job isn’t a good reason to try something new. If you don’t have a genuine desire to do something else then it’s often worth looking at other, less drastic options. Could you ask for a
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