This paper by Brankas and Integra Partners identifies the commercial opportunities and explores how banks and financial service providers can overcome these challenges.
COVID-19 pandemic has accelerated the importance of digitalisation as banks look to serve their customers in new ways during lockdowns and quarantines while customers are increasingly looking to access financial products and services on their own terms and on their own devices. With Open Banking technology, open finance; permissioned data-sharing are enabled to service a wide range of financial products and services. Key concepts and definitions of open finance are discussed in this paper, expanding to how banks can benefit from open finance.
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