By Jason English
Banker’s hours? That cliche will soon be retired. We now demand nothing less than 24/7 direct application-layer access to banking services that put customer experience at the front of the line, every time. What is Open Banking, why does it matter, and how do we test it?
The global financial industry is hurtling toward a future state of Open Banking. The banks that succeed here will revolutionize their own service interface, exposing API-level controls so third-party apps and new FinTech services can look up accounts, move funds, and confirm transactions without even visiting the bank’s branch, website, or mobile app.
But are banks and the new startups leaning on them to support their businesses ready to be tested by this Open Banking transformation?
What Is Open Banking and Why Does It Matter?
Open Banking is the shift to the use of open APIs in the financial industry, that opens the door to new development and innovation to benefit both business and the consumer.
