Open banking
Open banking is like sharing your toys with your friends. Your bank has lots of information about your money and how you spend it. With open banking, your bank can share some of this information with other companies, like other banks or money apps. These companies can use this information to help you manage your money better, like by telling you which shops have discounts or showing you how to save money.
Just like you ask your friends to ask permission before they borrow your toys, open banking has rules to protect your information. Your bank has to make sure that the other companies they share your information with are trustworthy and won't use it in a bad way.
Overall, open banking is like making new friends who can help you have more fun with your toys (money). It can be a helpful tool for managing your money, as long as you're careful with who you share your information with.
Just like you ask your friends to ask permission before they borrow your toys, open banking has rules to protect your information. Your bank has to make sure that the other companies they share your information with are trustworthy and won't use it in a bad way.
Overall, open banking is like making new friends who can help you have more fun with your toys (money). It can be a helpful tool for managing your money, as long as you're careful with who you share your information with.