In November 2015 the British government set up the Open Banking Working Group to investigate how data could be applied to help people transact, save, borrow, lend and invest their money. Reporting back in recent days, the OBWG has recommended that bank data, including information about products and services, should be made available to such a level that services such as comparison tools can be built allowing customers to get more out of their financial relationships, reports the financial technology news service Finextra The riskiest European bank debt generated returns of about 8 per cent last year, according to Bank of America Merrill Lynch index data, beating every type of credit investment globally. In less than six weeks this year, those gains have been all but wiped out, even after interest payments. according to a Bloomberg report reprinted in the AFR. Investors are increasingly concerned that weak earnings and a global market rout will make it harder for banks to pay the interest on at least some of these securities, or to buy them back as soon as investors had hoped. Money managers' concerns are spreading even to safer bank bonds, underscoring how investors are running away from risk across a broad range of assets now, from stocks to commodities to corporate bonds. Deutsche Bank chief John Cryan attempted to prevent another market rout of Germany's largest lender by assuring staff its financial position was "absolutely rock-solid" on another grim day for European sharemarkets, reports the AFR. Despite these reassurances, Deutsche closed 5.2 per cent lower in Frankfurt as investors continue to fret about the health of the financial services sector and the outlook for global economic growth. At one point the Frankfurt bank's share price hit its lowest level since 1992. The Stoxx Europe 600 banking index - which includes the likes of Deutsche Bank, Barclays, and HSBC - shed another 3.7 per cent and is now down more than 27 per cent on the year. It is set to post its biggest weekly losing streak since the global financial crisis.