Before COVID-19, financial institutions were waking up to the competitive advantage of going digital and the commercial opportunities afforded by open banking with the huge potential of use cases it offers.
As we look ahead to a post-pandemic world, it’s the increased shift to digital that’ll pave the way to the economic recovery of countries around the globe, and open banking is the enabler that will allow financial services providers to meet evolving customer needs and expectations that have emerged from the pandemic. It has revolutionised the banking experience and if its full potential is grasped by financial institutions, it will allow them to offer a broader range of financial services for a wider group of people, whilst also reducing operational costs and ensuring operational efficiency.