![]() ![]() From hubs like Mint, where you can track all your finances, to enhanced credit research that helps SMEs access credit more easily, Open banking’s applications are endless. This has set the stage for a wide array of innovations. In this symbiotic relationship, larger banks can offer their services to a wider audience, while Fintech companies build their platforms on this solid foundation. Typically, major financial institutions build their Open banking system while smaller enterprises can access Core banking services through an API (Application Programming Interface). Open banking bridges this gap between different-sized financial firms. All of this takes a massive budget that typically only the largest players can afford. Creating effective apps requires investment into a user experience team, R&D, development, and more to create functional, stable and user-friendly ecosystems. You can do just about everything from your smartphone or computer.īut few financial service providers, particularly smaller banks, were ready to embrace this transformation so quickly while simultaneously delivering excellent user experiences. There are now very few things, including opening accounts and credit card signup, that require you to ever step foot inside a branch. Since then, banks have evolved their distance services while extending their digital services product line. If you wanted to deposit funds, transfer between accounts, or do just about anything other than check your balance, you usually had to go to your bank in person. ![]() A decade ago, banks were the single point of contact for customers. ![]()
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