What is Open Banking?
Open Banking is a UK regulation that lets you securely share your bank account data with trusted apps and services — but only with your permission. It was introduced to make banking more transparent, competitive, and helpful for customers.
With Open Banking, you can connect your accounts to money management apps (like Lumio). This makes it easier to see all your finances in one place, track spending, and find better deals.
How does Open Banking work?
When you connect a bank account to an app:
You’re redirected to your bank’s app or website.
Your bank asks if you want to allow the app to access certain data (like transactions or balances).
If you say yes, your bank shares the data securely via an API (Application Programming Interface).
You’re redirected back to the app (e.g. Lumio), where your account data appears.
Is Open Banking safe?
Yes — Open Banking is regulated by the Financial Conduct Authority (FCA) in the UK. A few important things to know:
You’re always in control: apps can only access your data if you give permission.
Permissions expire every 90 days (3 months). You’ll need to reconnect if you want to keep using the service.
You can stop sharing at any time directly from your banking app.
Apps cannot move or spend your money without your consent.
Why use Open Banking?
Open Banking makes managing money easier by letting you:
See all your bank accounts in one place
Track spending and budgeting more clearly
Find personalised financial insights and offers
Save time switching between banking apps