'Open Banking' App Part Of Industry Shake-Up

The video discusses plans to enhance mobile banking, emphasizing the need for customers to access various banking services via a single app. It highlights the role of APIs in enabling software communication, similar to using social media logins for other sites. Security concerns are raised, noting the risks of hacking and fraud. A Sky News poll reveals discomfort with data sharing and support for capping overdraft charges. The British Banking Association supports the report, but banks face criticism for technological shortcomings. The impact on small businesses is also explored, with trust in banks remaining a concern.

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