With Open Banking, we generate new business and digital environments of APIs, which are offered by the banks.
Nowadays, we are in a constant evolution as far as banking institutions are concerned, since they are forced to adapt and adopt the innovation brought by new technologies.
Thanks to the digital transformation, great changes can be observed in the banking sector. For example, it is no longer necessary to go to a branch during business hours in order to access money. Today, customers have the opportunity to access their bank account, and therefore their money, at any time and on any day of the week.
That is why it is very important to obtain a great knowledge of the clients, gathering information that will be processed later to be able to segment them and thus, know their interests and needs.
But what is Open Banking?
Open Banking is a concept that goes beyond the digital transformation of banks. Open Banking is based on synchronizing the data that banks have about their customers, with different applications which manage and control their money.
The objective of Open Banking is to improve the banking sector by offering individuals the opportunity to exercise greater control over their financial data with the option of sharing it freely with third parties.
And its advantages?
Some of the advantages of Open Banking are:
- User loyalty: With Open Banking, companies will be able to make their users’ lives easier since, thanks to the applications, the bank will be present in the user’s day-to-day life, offering them a wide range of advantages and support to cover all their needs. In addition, it is a way to increase the number of clients.
- Helping customers in their operations: Thanks to open banking, the process of obtaining answers and services is facilitated, automating operations and reducing the time spent on them.
- Centralization of services: Thanks to Open Banking, all operations and services can be carried out from the same administration. Banks regain control over the different services their customers need.
- Increases the financial market: the more clients Open Banking obtains, the greater the variation of APIs and services will be.
Therefore, Open Banking, is presented as a great alternative in today’s financial system and offers significant advantages for users.