Banks are sharing customer data, and it is changing how they compete

Banks are now sharing customer data with permission, which is changing how financial services work. This means new companies can offer financial products without being banks themselves.

For decades, banks kept customer data locked away. This made it hard for new companies to compete or offer different services. Now, with customer permission, that data can move, which means more innovation and new types of financial products. It also means people who couldn't get traditional bank services might find new options.