Open Banking: Transforming Financial Services Landscape
In recent years, the world of finance has witnessed a groundbreaking transformation with the advent of open banking. Open Banking emerged as a response to the growing demand for more transparent, innovative, and customer-centric financial services. This innovative concept has revolutionized the way financial services are delivered, empowering consumers with more control over their financial data and creating a more competitive and customer-centric banking ecosystem. It mandates financial institutions to share customer data securely with authorized third-party providers, fostering competition and encouraging the development of new, user-friendly financial products.