Banks continue to flex their muscles and engage in fintech innovation, opening themselves up in a way previously never thought possible. They were once staunchly resistant to outside intervention, but a recent report from ACI Worldwide and Ovum has revealed that this trend is changing. Almost 90 percent of banks are forging a path toward open banking and real-time initiatives.
What is Open Banking?
The term “open banking” may sound a little scary at first. But open banking doesn’t mean that your financial statements will be on the web for anyone to review. What it does mean for you as a financial services customer is that your bank will become (or already is) part of a network of financial institutions.