Part Two: Open Banking

The Evolution of Open Banking...

Bank products, services, functions and data (including customer data) are shared for use with 3rd parties to add additional value and create new business models.

Open Banking is the shift from closed to open banking models.

ECOSYSTEM NETWORK
Customers
Aggregators
Institutions
Partners

Open Bank Data & APIs

Open banking is also known as "open bank data." It is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).

Bank A
Bank B
Bank C
TPP Platform Consolidated Customer Info

Benefits of Open Banking

Consumer

  • Financial services are tailored specifically to your needs.
  • Customers can take control of their finances with up-to-date facts, figures and spending information.

Lender

  • Lenders are better able to protect vulnerable consumers by putting in payment blocks.
  • Identifying harmful spending patterns and taking a point of contact for a family member or friend.
  • Having a 360° insight into consumers' finances allows lenders to offer more appropriate products and services.