It's Open Banking, it's an API, It's BaaS!

October 31, 2021 | 42 views

Its_Open_Banking
Banking in the 21st century has become one of the most dynamic industries with new terms bandied about all the time, in a rapidly evolving industry. The terms Open Banking, API Banking and BaaS all relate to a singular concept of giving third party access to the banks data to build new products or experiences for customers. However, all these terms are not same, and cannot be interchanged. Here, we take a closer look at each of these terms.

With the world getting more digital, tech savvy users prefer using secure and mobile friendly online interactions with banks for financial services. This has pushed financial institutions to innovate themselves and offer pioneering technology-enabled services to meet the growing demands of the new generation. Open banking and bank APIs are playing a huge role in boosting the growth of the fintech industry.
What is Open Banking?
Open banking is forcing banks around the world to change their business models, and is set to revolutionize the financial experiences of customers all over the world.

Open banking refers to banks opening up their APIs (application programming interfaces) allowing third parties access to all the financial information required to offer new services or build new apps so customers could have better options.

Open banking puts pressure on incumbents to enhance their services, or take the opportunity to partner with fintechs, instead of competing with them. It has the ability to dictate how incumbents interact with each other, with fintechs and with consumers.

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