Ten years ago, I was presenting the concept of banking-as-a-service, with the idea that I could find a wide range of plug-and-play software in a cloud-based marketplace and build my own bank by bringing these pieces of code together into an easy-to-use banking service.
A decade later, that vision has come true as more and more fintech firms offer plug-and-play code in the cloud to make banking simpler and easier. What I did not anticipate is that the regulator would push this service, making it mandatory. That is what open banking has become. It is no longer just a UK thing, but has gone global.
