Traditionally, we put trust in banks to look after our financial data. In the past, they were the only ones with access to this sensitive information which they could use to their advantage.  This has changed with the PSD2, a directive issued by the EU in 2015 according to which incumbent banks were obliged to recognise customers as the rightful owners of their financial data and to provide them with the opportunity to decide who they want to share this information with. Open banking became a reality.