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As the open banking movement catches on globally, the financial services industry is undergoing a radical shift in how business is transacted and data is consumed. How do you rest confidently knowing your open processes are secure?
What once seemed like a conceptualized slogan, open banking is now a tangible practice making its way around the world for its advantages to the customer experience and efficient bank operations.
But with reputation critical in the financial world, questions rightly linger over the safety and security of open-banking best practices among business leaders and customers.
Open banking – or open-bank data – is the practice of allowing third-party financial services organizations access to consumer financial data by way of application programming interfaces (APIs).
Open banking gives consumers more control and freedom, providing better visibility for managing their finances holistically across multiple institutions. With the rise of online and mobile banking, this shift has enabled more financial organizations to meet their customers' personal technology expectations and preferences and enable consent to integration with other third-party financial institutions. Open banking gives consumers more control and freedom, providing better visibility for managing their finances.
Other benefits to consumers include: