The value that open banking brings to end-users
The first wire transfer of funds happened in 1872. Since then, so much has changed - the world adopted ATMs, telephone banking, internet banking, contactless payments, mobile banking, and so much more. And today, we are further making way for a newfangled approach by way of human-centered banking: open banking. Open banking is a part of financial technology that draws on open APIs and third-party developers to build applications and services that bring about greater financial transparency through open source technologies. Open banking has fundamentally revolutionized the financial sector. It has made traditional banking services simple, efficient, and convenient, removing additional costs. Markets led by the UK and the EU have already passed open banking regulations with more than two million users of open banking-based products in the UK, a number that has doubled since the start of 2020, despite the disruption caused by COVID-19. Other markets, such as Canada, New Zealand...