Open Banking Could be a Game Changer for Revolut

Revolut’s announcement in early February to partner with TrueLayer on open banking aggregation could prove to be one of their savviest moves yet; the API driven access will allow all consumers and SMBs to see all of their accounts within the Revolut app; the move could push more banking customers to see loyalty to a specific institution as a thing of the past; this could also bring a higher degree of risk towards Revolut as 2019 was the worst year on record for data breaches and this is one of the biggest fears for banks in the age of open banking; Revolut has been able to swiftly acquire millions of customers, launch in various global markets and weather some rough seas in recent years; the company beefed up their compliance team by hiring bankers and has now added open banking capabilities which could make them even more popular; at a time when people need to see their accounts so frequently the move by Revolut could help vault it further ahead in the challenger bank race. Fintech Futures

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