Banking today mostly comprises of a few oligopolies that define the market dynamics, rate of innovation, and quality of services that the consumers experience. Open banking has been introduced to make banking a more competitive business. Its main goals are offering greater financial transparency, a shared chance of success for all financial service providers, and more innovative services to the consumers.
Payment Service Services Directive 2 (PSD2) requires banks to securely expose customers' accounts and transaction data to third parties through open APIs, with the customer's consent. This allows new third-party service providers to enter the market, leading to more competition and , greater choices, and better services to consumers.
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- Become PSD2 compliant by exposing APIs securely and in line inline with the Regulatory Technical Standards (RTS) of PSD2.
- Reclaim customer loyalty and retain customers by offering AISP/PISP services. Banks can create a one-stop banking portal combined with proper financial management capability, federated authentication, fraud detection, and dashboards.
- Digitally transform business a business by offering innovative services that go beyond banking.
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