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How do open banks change the banking landscape?

  • The Open Banking regulations were implemented, allowing banks for the first time to share their data with third parties. This effort intends to increase competition in the banking sector in the EU and the UK, encourage innovative product development, attract new disruptive firms, and provide consumers with more options and better pricing. However, in order for widespread acceptance, a shift in trends and customer attitudes is required, and the FinTech sector must demonstrate success, build trust, and provide assurances about data protection.
  • Because some banks are taking time to address potential compliance difficulties and haven't fully embraced the changes in legislation, Open Banking has struggled to meet complete adoption.
  • While Open Banking will not replace traditional banking, it will empower customers to switch providers and choose products, putting banks in competition with user-friendly rivals ranging from tech giants to well-known consumer service companies with strong customer relationships, such as major supermarkets or retailers.
  • Access to real-time customer data has the potential to be transformative for small firms. When applying for funds, the process is simpler, faster, and more equitable, with less administrative effort. They can also get aid from lenders more quickly, with assistance targeted to each company's needs.
  • Customers will have a comprehensive view of all their financial behavior for the first time as a result of the Open Banking developments, making it easier to manage and control their finances. People may use new apps to collect and analyze data, giving them insight into when and where cost-cutting is necessary. The ability to pay with single clicks and contactless cards makes it easier for consumers to keep track of their expenditures.

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