Open Banking Changing Customer-Lender Interaction Market Outlook: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Open banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs) which are a kind of ‘go-between’ that enables a software program to interact with other software. In the context of trading, an API often refers to the interface that enables your software to connect with a broker to obtain real time pricing data. According to the study, ‘Open Banking – Thematic Research’, open banking will give consumers the power to grant third parties the right to access their account. Not only will open banking benefit people, but it will also be a booster and major source of innovation to the banking industry. For instance, open banking APIs can facilitate the sometimes-onerous process of switching from using one bank’s checking account service to that of another bank. The API can also look at consumer’s transaction data to identify the best financial products and services for them, such as a new savings account that would earn a higher interest rate than the current savings account or a different credit card with a lower interest rate. Open banking could also help the consumers get a more accurate picture of their own finances before taking on debt. The utility of open banking through apps is also under research and development. An open banking app for customers who want to buy a home could automatically calculate what customers can afford based on all the information in their accounts, perhaps providing a more reliable picture than mortgage lending guidelines currently provide. Another app might help visually impaired customers better understand their finances through voice commands. The system that helps the customers will also assist the lenders. Through the use of networked accounts, open banking could also help lenders get a more accurate picture of a consumer’s financial situation and risk level in order to offer more appropriate loan terms. Open banking also has the possibility of helping small businesses save time through online accounting and help fraud detection companies better monitor customer accounts thereby identifying problems sooner. All these features are helping open banks gain popularity and they are being approved in some parts of the world. In January 2018, after an extensive two-year planning period, the Payment Services Directive 2 (PSD2) arrived in Europe. This directive has forced European banks to open up their APIs to financial technology and finance companies. Now, the ability to directly serve and add value to customers will no longer be owned by banks but shared with tech companies and telecommunication firms. This technological upgrade has been longed for by European customers for a long time evident by the fact that more than one-third of European consumers say that they would change their bank if it did not offer them up-to-date technology. Open banking is changing the banking industry and is making the customers and institutions interact in a very different manner. This new technology is creating competition for traditional banking institutions whilst maximizing customer satisfaction by catering to varied needs even by means of apps. The PSD2 has grabbed the attention of the global banking sector and changed the game for banks in Europe. To know more click on the link below: https://www.kenresearch.com/technology-and-telecom/it-and-ites/open-banking-thematic-research/152720-105.html Related Reports: https://www.kenresearch.com/banking-financial-services-and-insurance/banking/preparing-psd2-open-banking/48957-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/banking/open-api-banking-defining-potential/48902-93.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com 0124-4230204 Post Views: 16 Tags: Open Banking Market Growth, Open Banking Market Outlook, Open Banking Market Overview, Open Banking Market Research Report, Open Banking Market Revenue, Open Banking Market Share, Open Banking Market Size, Open Banking Market Trends, Open Banking Market Volume