What is Open Banking? A Simple Definition for Financial Innovation #shorts
Want to understand how open banking is revolutionizing finance? Learn more at https://blog.axway.com/industry-insights/banking-finance/what-is-open-banking?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_banking_gc&utm_content=ob_shorts Discover how open banking is transforming the financial landscape and why it matters to you. This quick video breaks down the core concepts of open banking, from customer data control to innovative financial services, in an easy-to-understand format. Key takeaways: 🔑 Open banking enables third-party providers to create innovative financial services using APIs 🔄 Customers gain more control over their financial data and bank switching becomes easier 🛡️ Enhanced security and innovation opportunities for financial institutions 💡 Permission-based data sharing drives fintech innovation 🏦 Banks can develop better data-driven products and services Transcript: What is Open Banking? The term "open banking" refers to enabling third-party software providers and banks to build new, customer-centric financial applications and services with APIs as the enabling technology. But there's much more to it than that. At its heart, open banking is about giving customers control of their financial data -- for example, making it easier to move from one bank to another. Customers allow other third-party organizations to access their data (with their permission) and stimulate innovation in the fintech industry Financial institutions also benefit from improved security, as well as opportunities to develop more data-driven financial products and services. Head to the Axway blog to dive deeper: https://blog.axway.com/industry-insights/banking-finance/what-is-open-banking?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_banking_gc&utm_content=ob_shorts #OpenBanking #FinTech #DigitalBanking
