BANKING
The benefits of using open banking The advantages of utilising open banking are clear . Banks can provide a better customer experience by opening up their APIs while also stimulating innovation and competition in the financial services sector . This innovation , in turn , benefits consumers , businesses , banks , and fintechs alike .
" The benefits to companies that implement aspects of open banking , such as direct data connections , are simply too high to ignore in a rapidly evolving industry ," said Nick Chandi , CEO & Co-Founder of ForwardAI ." Other benefits of open banking include :
• Increased transparency and understanding of finances ,
• Easier comparison of products and services ,
• Improved customer experience ,
• More efficient payments systems
“ THE ENVIRONMENT BANKS ARE OPERATING IN TODAY WILL UNDOUBTEDLY CHANGE WITH THE ADOPTION OF OPEN BANKING ”
SAM STRASSER CEO AT TREASURE
" It ' s early days for open banking , with many of the more interesting use cases still emerging . But in ten years time , open banking - and similar open data approaches in other sectors - will be a fundamental part of how the economy works ," said Marie Walker , Co-Founder of Open Future World .
Disadvantages of open banking There are several benefits to utilising open banking , but a few potential drawbacks are also to consider .
First , ethics and privacy concerns may be raised due to sharing customer data with thirdparty providers . " Security and innovation need to go hand in hand to safeguard customer data . If open banking players do not put the right security measures in place , they leave the door wide open to cybercrime and privacy breaches ," said Adam Moulson , CCO of Griffin .
42 March 2022