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Open Banking with APIs and iPaaS: Pathway to the future!

What is open banking?

  1. Open banking puts the power in the hands of customers and small businesses. It enables them to share data with third parties and service providers securely and rely less on the functioning of banks.
  2. Creates a single platform and allows customers to handle multiple accounts without any hassle.
  3. The open banking system establishes Trust, Transparency, and Accessibility in operations. With 20% of total financial transactions happening online, the number is expected to grow by 12.7% in 2021. This number depicts the shift of trust in the favor of an open relationship among customers and service providers.
  4. Allows customers to compare the products provided by different service providers and choose according to their preferences.
  5. Increases customer satisfaction and improves long-term profitability along with market competition. 35% of commercial customers have already participated in open banking, and 42% plan to do so in 2021.

How will open banking APIs and iPaaS change the future of banking?

Open banking: what’s happening currently?

  1. With the COVID-19 pandemic, the impact of open banking has increased manifold. Research between OBIE and Ipsos MORI depicted that 50% SMEs have already started using open banking since the start of global pandemic.
  2. 87% of world countries currently have some type of open APIs, as per the open banking report of 2019.
  3. The OBIE has more than 135 regulated entities in their open banking system, and 30% of their banks have already incorporated open banking in its functioning.

Does open banking make sense for India?

Quickwork platform for open banking

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