Imagine
being able to secure loans with some of the lowest interest rates in
the banking industry. Or conveniently transferring funds from one bank
account
to another, or perhaps, experiencing the best possible customer banking
service around.
To
get all these and other “perks”, most financial institutions would
require one to become their preferred client. But in today’s digital
technology and
in the global banking industry, getting access to all these benefits is
simply a matter of banking customers securely sharing their data with
other financial institutions. This is the beauty of open banking.
Open
banking enables financial services customers such as companies,
entrepreneurs and ordinary depositors and borrowers, to have access to
various products
and services from competing banks and other financial institutions by
allowing the latter to digitally and securely access their financial
information. Customers can compare product offerings and avail of the
best ones that suit their needs and fit their capabilities,
thereby helping them earn more from bigger savings interest rates,
avail of loans more easily, and pay more conveniently, towards managing
and improving their finances.
