Open banking: The future of banking

Open banking refers to a practice where financial institutions make certain data and functionalities available to approved third parties through APIs (Application Programming Interfaces).

This allows for the development of new financial products and services, as well as increased competition and innovation in the banking industry. It also enables customers to more easily compare and switch between financial products and services.

Open banking is typically regulated by governments to ensure the security and privacy of customer data.

In this white paper, we’ll look at the concept of Open Banking, how it can help create new business avenues and the steps that a traditional bank needs to follow to transition to Open Banking.

We will also talk about the challenges of Open Banking and provide examples and case studies of successful implementations across different regions.

We also talk about the drivers and forces behind the recent development.

We hope that this white paper will help banks that want to stay competitive in the digital age by explaining the concepts of open banking and providing the implementation details.