Open Banking – A New Trend in FinTech

FinTech is continuously evolving with novel disruptive technologies making financial activities easier for customers as well as financial institutions. Open Banking is one such initiative that has been developed to improve dynamic market competition, stimulate innovation, and give end-users better and more convenient services. It enables open APIs that can be used by third-party developers to create applications and websites for a unified approach to financial activities. Along with the benefits introduced by this technology, some associated risks can’t be ignored. Take a sneak peek into everything about open banking in this research article.

This document also covers other Fintech trends that will impact the financial space in 2021:

• Personalization with AI and Analytics
• Robotic process automation (RPA)
• Blockchain
• The Internet of Cash
• Open Banking