Open banking is a system that provides a user with a network of financial institutions' data through the use of application programming interfaces (APIs). The Open Banking Standard defines how financial data should be created, shared and accessed. Open banking is meant to improve customers banking experience in several ways. It forces large, established banks to be more competitive with smaller and newer banks, ideally resulting in lower costs, better technology, and better customer service. Open banking regulations require banks to publish, both online and inside their branches, accurate and unbiased information that lets consumers evaluate their service quality, a move towards transparency designed to motivate banks to provide the best possible customer experience. Banks also have to notify customers about unforeseen overdrafts and give them a grace period to correct the problem and avoid overdraft charges. Evaluate this type of emerging banking system by:

ii. Explore the various concerns from a consumer viewpoint. 15 marks