It would let you see the balance of all your accounts in one place, share data with your accountant or IFA, or apply for a mortgage without those tedious forms as well as photocopies of bank statements, offer proof of income easily, use apps that offer a marketplace for mortgages, savings or other financial services, use apps like xero, mint or Emma with any bank account easily, etc.

It’s an API for your bank, and like stripe being an API for payments, I think it’ll shake up the market a bit. It should make a lot of things easier than before, and force large banks to allow customers to control their data more via authorised apps. It’ll take a while to have any impact though.