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Retail banking to 'radically change'

Britain's high street banks have been ordered by the Competition and Markets Authority (CMA) to begin so-called "open banking" by early 2018.

Chair of the CMA Alasdair Smith tells presenter Justin Webb that open banking, which can be accessed through a mobile phone application, will "radically change the relationship between banks and their customers".

(Image: Mobile banking. Credit: Getty Images)

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2 minutes