Open Banking 101: from a costumer's perspective

 

Open Banking 101: from a costumer’s perspective


Following the first part of this article series about Open Banking, this second part is built a little bit different.

We have seen in the previous part a straightforward definition of the concept of Open Banking, the regulatory background and it’s expansion and development throughout the world.

I’ve wanted for the second part to focus on the advantages of Open Banking from a customer’s perspective. 

It’s true that most of the public content online about Open Banking generally discusses this innovation from a bank or a fintech point of view, and usually it doesn’t present any arguments or explanation for the average person who will come across an account aggregation request without necessarily knowing what is that.

So why would an “average joe” accept to share personal banking information with a third-party company?

Below are 4 major advantages to switch to an Open Banking costumer experience. Enjoy the illustrations !




So what’s Open Banking for the simple everyday costumer ?




Why would costumers accept account aggregation, or the “Open Banking” option?











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