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I agree with Anne that “other measures would be best deployed to encourage customers to switch accounts” but that doesn’t mean that open banking should be abandoned. On the contrary, it should be further supported and augmented with additional measures.

Stating that Open Banking is not a success is subjective. We all would like to see a much higher adoption but, even so, results are very promising. Open Banking is here to stay and it's a matter of time until we see it getting a substantial market share in payments.

One of the reasons for Open Banking’s smaller success is the resistance of incumbent banks who don’t want fintechs playing in their playgrounds. And this brings us to the fact that Starling is an ex-fintech startup, now a Bank-wannabe and this explains Anne’s position. Moreover, it’s usual for startups not wanting other startups in their own playgrounds.

I am an all-time admirer of Anne Boden, I underline her statement on diversity and I congratulate her for her perseverance and success so far.