Cutting-edge technologies and new regulations create exciting opportunities for the banking sector to enhance customer experiences, and streamline outdated processes. So much so, that the global Open Banking market is set to exceed $43 billion by 2026. A large chunk of this is attributed to smart financial services offered by FinTech companies targeting consumers or businesses.
What is Open Banking?
Open Banking enables the secure movement of financial information between large banks and smaller financial service providers to boost innovation and competition across the European banking sector. The call for FinTech innovation through Open Banking is also fueled by the opportunity to empower end-customers with control and transparency over who has access to their financial information and how they intend to use it for the customers’ benefit.