What is Open Banking? Know How It Is Transforming Financial Services Through Fintech Innovations
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Open banking gives consumers and businesses a fast, transparent, and accessible way to track, spend, borrow, and invest their money. (Photo: Shutterstock) With open banking, consumers can manage their financial information and access it across different platforms — receiving a smoother, more personalised experience in the process Even as the financial world is witnessing new tech entering the space, the latest innovations are also coming up in the banking space. One such system is open banking. With this, consumers can manage their financial information and access it across different platforms — receiving a smoother, more personalised experience in the process. What Is Open Banking? Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). Open banking will allow the...