✔86 400 Joins Open Banking; Now Compatible with FSBT Open Bank Project API ✔
About 86 400👈
86 400 is the leading digital bank in Australia. The core of its business model is to offer financial services solutions to customers round the clock. The name, 86 400, relates to the number of seconds that make up a day. Thus, the bank seeks to deliver revolutionary and customer-friendly services to consumers.
86 400 is a reliable and credible alternative to the Big Four banks in Australia. The firm leverages technology and data analytics to craft highly customized mobile-based financial services. Clients can enjoy bespoke financial services on their mobile devices, thanks to the range of options that the company offers.
Since its inception, 86 400 has drastically altered the banking landscape in Australia. Its strong focus on customer satisfaction and the use of an innovative approach have so far proven to be critical factors for its success.
🏦 What is the Big Four? 🏦
National Australia Bank, Commonwealth Bank, Australia, and New Zealand Banking Group and Westpac have dominated the financial services industry for decades. The winning formula of these large institutions has been to scale and grow as fast as it has been possible. With massive resources in the form of capital and teams of dedicated employees, the Big 4 have been controlling the Australian banking sector quite easily.
Although the big traditional banking institutions have been adopting some modern technologies for the financial sector, they are still stuck with the old service model. Even today, the Big 4 and similar firms in the country still rely on the tried-and-tested methods to serve their now-dynamic clientele.
Therefore, traditional banks in Australia, led by the Big 4, are still struggling to catch up with the wave of digitization and innovation that has been sweeping across the financial services sector. The banks are struggling to deliver tailor-made financial service offerings that people currently need.
⛓About the Project ⛓
FSBT Open Bank Project API saw the then-oncoming wave of change in the financial services industry. We then figured out that the smaller, leaner, and more efficient financial service providers that were set to emerge would need technical support.
We then developed an open source API infrastructure that new firms can use to rapidly develop, test, and deploy their digital service offerings. Thus, modern, and old firms can tap into our ecosystem of standardized APIs for the financial services sector.
Moreover, organizations can access our pool of talented Developers who are working on a broad range of projects to improve the outcome of their innovation journeys.
FSBT Open Bank Project API is glad to announce that we are compatible with 86 400. Under the alliance our network, 86 400 will now have unrestricted access to open-source APIs and network of developers. The new financial institution will now utilize resources to build, test and deploy a range of digital innovations.
Moreover, the company will utilize tools and framework to develop a series of apps and products for its market. FSBT Open Bank Project API has a very secure framework and support system for clients.
86 400 Developers will benefit from this framework and work in a safe environment.
🔊Other Competition? 🔊
86 400 faces stiff competition from several start-up banks in the country. Xinja, Volt Bank and Judo Capital are the three top competitors of 86 400. The three institutions also leverage technology and data to optimize their operations.
We have a chance to play in helping 86 400 beats the competition and flourish in the new market segment.
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