What are the benefits of Open Banking?

banklinq on 2021-07-24

Open Banking enables consumers to control their financial data, meaning that consumers can share it with licensed and regulated businesses as they wish, oftentimes exchanging it for new services or a more convenient digital experience.

This opens up access to financial data, enabling innovation and increasing competition in the financial services industry. Payment data access is processed within a reliable and secured system, compliant with regulatory licenses, adhering to the EU directives. Businesses can leverage the access to financial data to improve their offering with a unique, personalized experience, and offer new services that haven’t been possible before. Open Banking also allows solving different persisting or recurring problems that customers might go through.