Why open banking holds the key to customer centricity

The proliferation of fintech platforms has prompted consumers to demand more from their banks. Historically, legacy industry resistance to securely sharing customer data with third parties has deprived banks of opportunities to engage customers and foster longer-term retention more deeply. Many incumbent banks felt an open banking structure threatened their business models. However, as banks shift their mindset and embrace open banking, it’s evident that the 'mainstreaming' of an open banking infrastructure benefits both banks and consumers through a larger marketplace of product options. Consumers can use open banking by consenting to share their data with other providers securely and… [Continue Reading]