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To date, reputation has not been a significant factor influencing consumer behaviour in financial services. In other words, despite the real growth of fines and stream of bad press, consumers aren’t voting with their feet, and reputation has not significantly impacted the bottom line of leading financial organisations.
In the Budget the Chancellor announced that the Government intended to “deliver an open API standard in UK banking”. For politicians and economists dissecting the 125 page report, this sentence probably didn’t stand out a great deal.
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