open banking is a system where data of companies is shared by
the bank through API software to other corporates.
- It is a system of allowing the access and the control of the
consumer banking and the financial accounts via third-party
applications.
- It has the required potential to reshape and restructure the
competitive environement and the consumer experience of this
industry.
- It increases the potential for the both promising income and
risks to the consumers as more of their data is accessed more
widely.