'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.

What technology allows different software applications to communicate with each other in mobile banking?

• HTTP (Hypertext Transfer Protocol)

• API (Application Programming Interface)

• SSL (Secure Sockets Layer)

• VPN (Virtual Private Network)

According to a Sky News poll, what percentage of people felt uncomfortable with banks sharing their data?

• 90%

• 80%

• 70%

• 60%

What is one of the main reasons banks have not implemented certain technology projects?

• Choosing not to do it for over a decade

• Regulatory restrictions

• High implementation costs

• Lack of customer demand

What is a potential benefit of mobile banking for small businesses?

• Direct control over all financial transactions

• Increased trust in banks

• Indirect benefits from improved banking services

• Guaranteed lower interest rates

What is a major concern if the digital revolution in banking does not ensure data safety?

• Decreased bank profits

• It won't be worth the transition

• Loss of customer convenience

• Increased banking fees