4 reasons why open banking is the future of digital banking

Open banking is meant to make everyone’s life easier; it helps banks and credit unions humanize digital banking and improve the customer’s journey as well as build a meaningful and trustful connection between financial institutions and their clients.

Open Banking: combining data management strategies with omnichannel technology?

Right now, Europe seems to be leading the way for Open Banking, with the PSD2 regulation, requiring financial institutions to provide systems that allow third-party providers to interact securely, reliably, and quickly. Just in the second quarter of 2022, the Open Banking market in Europe expanded by 4.5%.

This is only the beginning, soon open banking will spread all around the world. The global open banking market is expected to reach $135.17 billion by 2030, increasing at a CAGR of 26.9% between 2022 and 2030. If banks and credit unions want to remain competitive, they need to upgrade their services with the help of Open Banking.?

Here are 4 reasons why open banking is the future of digital banking and how it can improve bank and credit unions' customer service.?

1. A personalized journey for the customer

2. Banking as-a-service

3. User engagement

4. API gateways at reduced costs

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