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Consumer's Guide to Open Banking

What consumers and end users need to know about the next big thing in banking.
  • By expertlawyer
  • 1 Mar 2019
  • 0

Financial institutions have been relying upon information technology like never before, and have been changing the ways in which they act and operate significantly to provide a quality experience to their consumers by minimising their hassles and visits. Open Banking software and systems are deemed to be the next big thing in the banking industry, which seems to be an upcoming disruption of the superlative degree, as increased regulatory as well as innovational progress has been achieved by various countries in this domain and legislations have been enacted worldwide in the recent past for efficient regulation of open bank data and open banking systems. Numerous governments have consistently taken various initiatives to foster innovation by commissioning the development of open banking software themselves, to encourage their use and increase awareness among the public.