How open banking providers make our lives easier?

When you want to find the services and products that make your life easier, banking usually doesn’t come to mind. However, for the citizens of the EU and the UK, as well as the businesses, the introduction of open banking has made their daily lives much, much easier. In this article we’ll discuss just how that’s possible and how has open banking influenced everyone who’s in the European Union or the United Kingdom.

Table of Contents

Safer and better banking

A huge concern for most people is the security of their money and savings. Pretty much everyone cares most, when choosing a bank or e-wallet, about security and transparency. With the emergence of technology and the rapid exchange of information digitally, consumers are becoming increasingly concerned over the prevention of cyber crime or digital fraud. Open banking addresses it through a unique framework of secure transactions where fraud is extremely difficult to even attempt.

Open banking requires multi-factor authentication and has many safety measures in place, in order to protect the security and transparency of personal data.

Better financial services

One of the major issues that consumers have had with banks in the past was the disconnect between their wants/needs and the services that the banks were offering. It could seem that the financial institution wasn’t concerned with the individual needs of the customer and rather preferred piling them into bigger, broader groups. There weren’t many alternatives and easy ways to compare deals and it took a lot of time to negotiate, so it meant that lots of consumers took the deal that was on the table despite not being satisfied with it.

Open banking providers are focused on optimizing their services to suit the needs of every individual customer. By allowing to collect and send data (with the consent of the customer, of course) to many and all banks which, thanks to open banking technology, can now implement AI and top-level analytics, consumers can get better offers for loans, credit cards and all sorts of other financial services.

Hassle-free verification

In the past, before open banking, having your income verified was a huge bother. People had to plan visits to the bank and sometimes even pay for account statements, approved and stamped by the bank. This concerned applying for a loan or credit outside of your main bank as well as areas like tenant referencing. After the introduction of open banking, developers have made it much simpler to verify the information of one’s financial health. Account information service providers (AISPs) in open banking gather that information with your consent and you don’t need to spend any more time than just a few minutes.

Quicker payments

And of course, the most common item which helps people in everyday lives is just the availability of making quicker payments. In the past, if you wanted to pay for bills or other products online, you might’ve needed to create a unique form of e-wallet which a website accepted or bring checks to a special kiosk to pay for services. Not anymore. Integrated open banking APIs allow businesses and individuals to pay for services and goods through electronic banking with a few simple clicks.

Author Profile

Sarah Meere

Executive Editor

Sarah looks after corporate enquiries and relationships for UKFilmPremieres, CelebEvents, ShowbizGossip, Celeb Management brands for the MarkMeets Group. Sarah works for numerous media brands across the UK.

Email https://markmeets.com/contact-form/