Open banking possibilities are endless, yet many banks are still stuck in the dark ages. It’s time for banks to move with the times. The success of open banking has been widely documented, with more than two million people and small businesses currently using it in the UK.
These services give third-party financial service providers open access to financial data from banks and other financial institutions through Application Programming Interface (API) driven ecosystems. Open banking’s popularity is no surprise considering the benefits it offers customers.