What does Open Banking mean for customers?

21 Apr 2022 By PAYCEC

Companies use Open Banking, a modern communication mechanism, to safely and quickly communicate customer information from one institution to another. The ordinary person has a variety of financial accounts, including investment accounts, credit cards, and bank accounts, among others. This innovative notion, which has evolved rapidly in recent years, offers quick access to financial data from a variety of sources, resulting in a holistic perspective of a consumer.

  • Open Banking aggregates accounts conveniently in one place, providing consumers and SMEs with new insight into their income and expenditure in the Personal Finance Management platforms.
  • Combining APIs, financial data, and other technology opens up a world of possibilities. Consumers could benefit from Open Banking by gaining fresh insights that help people and businesses manage their money, as well as access to products they may not have had before, as well as new products that were not previously available. Services could be more individualized or adapted to a person's preferences and lifestyle. A variety of 'tools' will make dealing with money easier, faster, and more convenient.
  • Although Open Banking focuses on transactional data, HM Treasury and the AB are working on a pensions dashboard that will utilize APIs to allow consumers to view all of their pension assets in one place.
  • Consumer experts noted that better decision-making and more transparent credit scoring could result in improved access to suitable credit products.

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