![]() Banks provide access to their proprietary APIs in open banking systems, so that third-party developers and fintech providers have access to financial data. Open banking requires APIs to functionĪpplication programming interfaces (APIs) enable the needed connectivity for the transfer of financial data inherent to open banking. Open banking facilitates new use cases for personal finance management, credit risk assessments, and customer onboarding, among others. Conversely, financial service providers also have access to consumer financial data, so they can serve up the most appropriate solutions for an individual’s particular circumstances. Consumers can quickly compare credit cards based on interest rates or see what type of savings account offers the most interest. Open banking allows customers to easily evaluate competing banking services. Now, with more than five million active users, its rapid adoption speaks to consumer desire for better control over their financial preferences and an improved digital customer experience. Open banking usage has skyrocketed since its inception in 2018.
0 Comments
Leave a Reply. |