The banking industry has traditionally been one of control and regulation. Technology has changed that. Nevertheless, digital, and technological advancements have been more evolutionary than revolutionary. However, the past eighteen months have created a mutant marketplace. Competition armed with digitization heavily impact traditional banking practices. Institutions use their initiative to progress beyond bricks-and-mortar, whereas others continue in their established mindset and traditions.
Emerging from this quagmire of advancement and development has been ‘open banking.’ Over the past few years, there has been internet and media hype about open banking. Banks and fintech can benefit from open banking’s fundamental, irrevocable approach. Open banking has created a much-publicized urgency for market players to position themselves at the forefront of this unchartered territory within the banking world.
Open banking has posited itself as enabling an innovative type of digital offering. Installing this innovation gives banks the potential to realize immediate conveniences to their client base. The only relative comparison to open banking per se is the personal computer’s impact on modern life. However, open banking has emerged as an initiative that can. It will disrupt the staid tradition of convention while giving its end-to-end users a better, more convenient, more streamlined banking service.
Open banking allows financial institutions to create digital platforms and economic ecosystems that take advantage of current banking regulations. As a result, access to [personal and financial] data has become more comprehensive. The digital banking experience has become centralized in a single app, giving the consumer more open banking choices. However, this opportunity is more likely to be between platforms other than across an industry-wide digital marketplace.
YouTap is an application that has been at the forefront of making things easy for the banking industry and the consumer. YouTap continues to advance and develop its software, making open banking adaptable and available, coherent in a babble of FinTech acronyms and financial jargon.
Open banking is an initiative developed to have dynamism within a staid industry that promotes competition, stimulates innovation, and gives end-users advanced, convenient assistance. Open banking is worth investigating on a deeper level to understand its unheralded impact. If necessary, search through Google Scholar with parameters. Peer-reviewed academic articles will shed more light on the subject, better than a word-restricted blog could ever hope to achieve.