Open Banking is becoming a significant source of innovation that is poised to reshape the banking industry. Open Banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).
The concept of Open Banking makes significant, established banks to be more competitive with small and new banks. Large banks will have to adopt new technologies to provide better customer service at lower costs. Open Banking allows consumers, financial institutions, and third-party service providers to use the network of accounts and data across institutions.
Minna Technologies was named one of 5 Open banking FinTechs to keep an eye on in 2022.