Mobilewaretech

Over the last few years, the way banks function has changed drastically. The digital revolution in the financial industry is here and banks have to modernize themselves to stay competitive, irrespective of size. In addition to this, customers today expect more from their banks and are more digitally savvy. They prefer interacting with banks and financial services online, provided security is given. Furthermore, they also expect banks to provide them with a range of non-traditional services.  Here is where the Open Banking model comes in handy. It is designed to help banks meet the changing demands of their customers and have additional monetization avenues. To put it simply, an API (Application Programming Interface) is an interface that allows for easy synchronization, linking, and connection between the database of the service with any application. Such a powerful technology ensures seamless interaction between systems, apps, mobile devices, and applications. APIs for online bank...

An Introduction to Open Banking Open Banking has revolutionized the FinTech world with a new perspective. Its capabilities extend beyond the digital payments as innovations reveal a quicker way to do things and features that go beyond mere convenience for the customers.  Open banking brings the best of both worlds and was initially conceptualized as an outbound trade service that lifts the ceiling of traditional banking infrastructure to provide better customer services. The concept was coined as Open Innovation by Henry Chesbrough who was the Head of Open Innovation at the Haas School of Business. Its aim was to promote sharing of data, which does not belong to a single entity. Later taken up as Open Banking by financial institutions, the core ideologies remain the same, to enable better decision making for the end-users. In its current form, the concept is aimed at providing a common digital platform for various bank computing systems with a common digital language shared via an ...