QNB is one of the first banks in the region to launch Open Banking services. With this API infrastructure, the bank will provide a better banking experience to its customers allowing them to access its core banking systems securely.
Open Banking aims to integrate the bank’s core financial services with its partners in a secure manner, to share customer data and facilitate payments between organisations. The changing consumer demand, fueled by lifestyle habits of generation Z require organisations to provide seamless customer experience in each interaction.
Fintechs, IoT companies, and other third-party providers are looking at unified integration with banks for data sharing and payment processing. Enabling these Open Banking APIs would transform the fintech landscape in Qatar and help launch innovative futuristic solutions for nationals, residents, and visitors to the country.
From a customer perspective, Open Banking can deliver real value to a bank’s customers and partners. From offering customers the flexibility to use their bank accounts for payments without relying on credit/debit cards to facilitating access to a single financial portal for all their banking needs across different financial institutions, investment and insurance companies, and provident and pension funds.
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