Open banking is also known as “open bank data”. It allows the networking of accounts and data records across banking institutions to be accessed and used by consumers, financial institutions, and third-party service providers. Open banking is becoming a major source of innovation that is going to reshape the banking industry.
By having banks provide access and control of customers' financial and personal data to third parties, many innovative firms and projects will benefit by using this data to build robust solutions and provide better services based on their analysis. The process of accessing the data is well protected and follows the specified regulations.
This platform will enable many startups, companies, and research institutes to innovate and acquire a valuable asset, the data, to advance its solutions and services for the better.