Open banking initiatives have taken flight in many economies across the globe. Predicated on the open access of banking data for the overall benefit of customer choice, Open Banking comes with many challenges — security not the least of them.
Giving customers the ability to easily switch providers of financial products goes a long way towards providing a more open and inclusive landscape of products for customers to choose from, and delivering better customer experiences. Giving customers greater choice ultimately results in better financial decisions for the customer and a broader playing field for the financial institutions competing for their business.
Now, across the globe, both customers and regulators are setting requirements for both transparency and trust to ensure the customer (and their personal data) is protected.
In this post, we’ll talk about embedded finance, Open Banking, the benefits and challenges of Open Banking, and how Open Banking APIs are driving FinTech growth.