Open banking is the banking method of the future — but what exactly is it?

The banking industry has long been separated by departmental silos and a lack of collaboration between businesses. Open banking strives to change that by providing financial institutions and businesses with the opportunity to share data between themselves with the consent of their customers.

One major advantage open banking presents is an enhanced ability to work with and understand Big Data. As open banking grows in popularity, financial institutions can offer far more personalized and improved services to customers, boosting their competitive edge along the way.

Open banking is the banking method of the future — but what exactly is it?

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