Democratizing Financial Management with Digital Onboarding and Aggregation

Traditionally, financial institutions looked inwards, relying on exclusive data that limited their overall understanding of their customers’ financial lives. Account holders faced similar challenges, struggling to piece together a comprehensive view of their finances scattered across banks. This cumbersome process is largely a thing of the past, thanks to the transformative power of Open Banking.

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At its core, Open Banking is a system that allows people to share their financial information across banks and services safely with one’s consent. It is currently a driving force for innovation in the banking industry, as it promises to make the experience easier and more personalized.

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And it already has delivered on this promise. From neo banks to digital wallets, Open Banking has fundamentally changed the way people manage their finances. For instance, it has accelerated the adoption of e-payments among Jordanians, aligning with fintech’s vision of a more convenient future.

?This convenience is also evident in other areas, two of which are Digital Onboarding and Aggregation.

?Digital Onboarding: The Pinnacle of Convenience

Gone are the days when opening a bank account meant finding a conveniently located branch, standing in line, and going through a lot of paperwork. This process is time-consuming for both the staff and the customer, prone to human error, and certainly less secure that one might expect.

?Today, the experience should be effortless. So effortless, it can be done from the comfort of the couch at home. This shift is driven by Digital Onboarding, a process that leverages other digital technologies like biometric identification to remotely acquire and verify new customers.

?The process is as follows: a customer opens a bank account from anywhere in the world, submits their information, which gets then verified biometrically, and they can access the new account within minutes. As opposed to manual onboarding, this digital approach offers superior flexibility, efficiency, and accuracy.

Aggregation: Streamlining Financial Management

Another way Open Banking has revolutionized how financial data is managed is by enabling aggregation, bringing together data from various sources into a single, cohesive format for easier viewing. While aggregation itself is not a new concept, its application in banking is new, as the industry traditionally tightly controlled their data for security purposes. Open Banking allowed the sharing of this data securely with user consent, unlocking new possibilities for innovation.

?The benefits of aggregation are profound. Instead of manually gathering and compiling personal information from various sources to get a comprehensive picture, aggregation simply does that. It allows users to effortlessly see and manage all their information in one place, allowing for a holistic view of one's finances and enabling personalized solutions and services tailored to individual needs. By reducing the number of steps required to achieve financial goals, aggregation minimizes effort and maximizes efficiency.

?Ready, Set, Matched: Network International

At first glance, digital onboarding and aggregation might seem mutually exclusive, but together they embody the essence of Open Banking's potential. Aggregation plays a crucial role in the onboarding process by matching user-provided information with existing data from various sources. This synergy not only enhances the verification process but also underscores Open Banking’s overarching goal: to optimize user experience by making data work seamlessly for the customer.

?This is a shared goal of Network International and what it has been doing all along, which is providing solutions and services that are further empowered by Open Banking to enhance the process. Our payment systems exemplify this commitment, our advanced platforms and payment ecosystems that supports all digital payment methods. By aggregating major payment options, we ensure that our customers enjoy unparalleled convenience, regardless of their preferred digital payment method.

?The Jordanian market is young, tech-savvy, and eager to embrace new technology. Following the pandemic, e-payments have become widespread, and Network International is at the forefront of this shift. Open Banking is not a trend, it is a fundamental change in how we interact with and utilize financial data. As we continue to innovate and adapt, Network International remains a leader in this new era of financial services.

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