Open Banking: The hidden gem of financial management
With bank accounts, mortgages, finance agreements, insurance providers, and many more financial products becoming an everyday part of our lives, it's no surprise that many people find themselves overwhelmed by the incredible number of services they need t
Financial Futures · FIS, Erin Dangler, Eric Guion
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Show Notes
It's not uncommon for people to bank with more than one provider. Add into the mix mortgages, finance agreements, insurance, or any of the other countless financial products we all purchase, and it doesn't take long to get overwhelmed by the incredible number of services we need to keep on top of. Because with every product comes a new platform, a new username, and a new login - making it almost impossible to get a snapshot of what your daily finances actually look like.
But there is a solution - one that's been in the making for nearly thirty years. And it's called open banking.
In today's episode of Financial Futures, we find out how open banking is helping regional banks to innovate and evolve and how it's giving customers visibility of, and control over, all their financial products. We'll discover how open banking has evolved since its first iteration in the 90s and we'll find out why giving customers exposure to competing products is actually a good thing for regional banks. So join us as we speak with FIS's business unit manager for APIs and integration services, Eric Guion about why open banking adoption has soared in recent months and explore all the possibilities that this cutting-edge tech will afford regional banks.
We'll also ask:
- What do banks need to consider before adopting open banking?
- How is open banking helping regional banks to expand and grow?
- What is the difference between open banking and screen scraping?
- How safe is open banking?
- What has led to the rise of open banking?