Banks have typically kept their data in silos, with no incentive to share it with other ecosystem players. Regulators throughout the world are increasingly working to provide customers more control over their data and to help financial institutions (FIs) that are seeking to improve the customer experience. This fundamental underpins the phenomenon of open banking. Customers are now more empowered because they have the option to share their data and are becoming more educated about their financial situation as a result of a slew of innovative solutions developed by FIs.
Krish N, President and Global Business Head of Banking & Financial Services at Azentio Software explains:
BANKING
We are more aware than ever of the importance and value of personal data, as well as the way it is shared and used. While the value of this data cannot be denied, questions about who has access to it and for what purpose have become increasingly important, both for customers and for those who collect and protect the data. Customers can share their financial transactional data with trustworthy providers through Open Banking. Like its predecessor, Open Finance will bring more significant changes to the financial services ecosystem, for it affords greater flexibility and allows a much broader range of data to be shared, including mortgages, savings and pensions, granting customers easy access to even more products and services, and allowing providers to deliver a much more tailored banking experience.
From Open Banking to
Open Finance
Open banking: Unlocking new opportunities using data
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THE PULSE - VOL 01 - Q1 2022
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