5th September 2022
Open Banking, How Can We All Benefit From It?
Open Banking is the general term used to refer to the regulatory opening-up of the financial industry in most developed economies; the use of open APIs connecting banks, third parties, and technology providers.
This collaborative framework can enable the delivery of innovative solutions, better value, and more tailored banking services. Allowing your bank to access your account, banks and third-party providers can then allow for the free movement of your banking data, giving you more information regarding services and products and more user control over your data.
A traditional bank is a financial institution that accepts deposits from the public, while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Many businesses have benefited from Open Banking, sometimes eliminating frustrations associated with poor banking services, for them or for their clients – and, often, creating a new revenue stream for themselves...