Open Banking allowing third-party service providers to utilize users’ banking data to create new financial applications and services. Open banking is growing increasingly popular as the global economy evolves because it allows for faster, more secure transactions anywhere in the world and gives consumers more options for managing their accounts by third parties.
Procept can help clients in ensuring that they comply to the open banking standards so there can be seamless flow. Also, ensure that clients comply with standards relating to the open banking space as directed
Benefit of open banking includes:
- Effective utilization of data
- Rise of new channels and partners
- Customer centric products and services
- Enhanced customers trust
- Ease payment with smart devices
- Ease remittance and currency exchange
- Customized products offerings
- Allows Bank to be futuristic
- Improves customer engagement
- Potential for collaboration
The methodology of conducting Open Banking is depicted in the diagram below:
