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FinTech Infrastructure

FinTech Infrastructure

Open Banking

The following report was prepared and published by our sister platform SPEEDA—June 2023.

Trend Overview

Open Banking Allows Secure Access to Customer Financial Data to Create More Customised Product Offerings

Open banking is a banking practice that allows third party providers (TPPs), such as fintech companies, access to customers’ digital financial data stored in banks and non-bank financial institutions upon customer consent. These TPPs use such data to create new business models, products and services. As such, open banking has the potential to reshape the customer experience in the financial services industry. Based on customer spending preferences, open banking-enabled apps can make recommendations to customers to make better informed decisions. These include decisions such as buying an apartment, planning a tour, etc. For example, Mint, an open banking powered budgeting app, gives its users the ability to connect and view their personal banking data in one place to make better financial and budgeting decisions.

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