Moving forward to a more digitised finance ecosystem, we witness the gradual unfolding of open banking to open finance, and how it’s set to deliver exciting changes for both providers and consumers.
Open Banking opens a consumer’s financial data, including banking and other transactions, to financial services firms through Application Programming Interfaces (APIs).
Open finance is a closely related concept to open banking. It extends the scope of the latter by including services in a consumer’s dashboard suited to their needs such as investments, mortgage, savings, loans, pensions, and insurance policies.
Open finance can be helpful in a consumer’s everyday financial situation.
The shift from open banking to open finance is among the paradigm shifts of the industry that is rooted in innovation. In addition to empowering financial institutions, it moves to transform the overall consumer experience for good too.
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