So how could Open Finance benefit society? Through Open Banking, challenger banks can connect services digitally, cutting inefficiencies and costs while speeding up transactions. Open Finance can build on this model to connect financial services via technology, upending the existing financial model. Using tax Information Faster loan applications
Individuals could then share some of this information via Open Finance to help with things like loan applications or managing credit scores. With access to complete and validated financial information, lenders would be able to more quickly and accurately assess an individual’s risk.