BANKING
“ OPEN BANKING IS MAYBE A TEENAGER , IF WE WANTED TO AGE OURSELVES . WE ’ RE GOING THROUGH THAT AWKWARD STAGE ”
NICOLE GREEN VP PRODUCT STRATEGY AND OPERATIONS , YAPILY
Broad adoption and rapid acceleration inevitably mean challenges along the way : Green acknowledges that , with open banking being so dynamic and constantly evolving , there are bound to be pitfalls and obstacles . But when done correctly , open banking has the power to improve the banking relationship from three different sides .
Green thinks of the beneficiaries of open banking as three distinct groups . There ’ s the fintech players within the ecosystem itself , who bring new open banking solutions to market and have created whole
businesses based on this new approach . Then there ’ s the businesses who are able to consume these products and create more personalised financial products for customers – like affordability or credit assessments that can improve financial inclusivity , or payment products that can eliminate chargebacks and reduce the cost . The final , and perhaps most important , group is the customers themselves : they get the benefits of all of these products , which can potentially have meaningful impacts on their financial security .
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