Open banking is set to be the most significant piece of regulation to hit the financial services sector since the 2008 crisis. In short, open banking is the UK\u2019s response to the Second Payment Services Directive (PSD2), an EU regulation which, in part, forces banks to open up their customer\u2019s financial data via Application Programming Interfaces (APIs).\nThis will allow customers to give third-party providers direct access to their financial data for this first time, allowing for better product comparisons and new digital\u00a0experiences for managing their finances.\nBoth PSD2 and open banking came into force in January this year, but five of the UK\u2019s biggest banks have been allowed to push back the release of their APIs.\nOpen banking may look like an IT exercise \u2013 build some secure and reliable APIs and carry on as normal \u2013 but it\u2019s much more of a fundamental shift to the way banks operate. No longer able to rest as gatekeepers to people\u2019s financial lives, they are having to provide better digital experiences for their customers in order to\u00a0compete with the innovative fintech apps that are now\u00a0hitting the mainstream. If they don\u2019t, the major banks risk losing that customer relationship altogether.\nHere we run through the fundamentals of open banking as it happens here in the UK: its origins, what banks need to consider and some of the opportunities and threats the regulation brings. We also dig into some research being done into consumer appetite for open banking, and round up some of the myriad ways fintech companies, and the big banks themselves, are already looking to take advantage of this new world.\nIn order to read The Complete Guide to Open Banking in its entirety you will need to become a registered user on cio.co.uk. Click here to register. \nIf you\u00a0are already registered\u00a0to\u00a0cio.co.uk then you will receive an email containing instructions on how to download The Complete Guide to Open Banking as well as the other back issues in The Complete Guide series.