T&S Asset Management

Lesson 2 of 5

Open banking and open finance: data the customer chooses to share

Open banking lets a customer direct the data a bank holds about them to another firm, such as a lender. This lesson explains what can be shared, who may receive it, what the customer's consent covers, how much data a recipient should take, and what shared data adds to a credit decision.

Published 13 October 2026 Members

In this lesson

  • From open banking to open finance
  • Who may receive the data
  • Consent is given for a purpose
  • Only the data needed, and other people's data
  • What shared data adds to a credit decision
  • The trade-offs