"Open banking and open finance are reshaping the financial landscape across the world, connecting consumers and businesses to financial tools in new and innovative ways. It enables consumers and businesses to securely share their financial data to access innovative financial experiences. For consumers, it can be the difference between completing a loan application in minutes rather than hours, and for businesses, it can drive performance gains and stronger financial outcomes."
"For businesses: Open banking can significantly optimize cash-flow monitoring, enable faster credit assessments, and lower the friction in bank-account integration into accounting and ERP systems, improving efficiency and decision-making. For consumers: Open banking can enhance personal finance management through budgeting tools, enable faster loan approvals, and support tailored product recommendations, giving consumers greater power and visibility over their financial lives."
Open banking and open finance connect consumers and businesses to financial tools by enabling secure sharing of financial data to access faster, more innovative financial experiences. For businesses, open banking optimizes cash-flow monitoring, enables faster credit assessments, and reduces friction when integrating bank accounts into accounting and ERP systems, improving efficiency and decision-making. For consumers, open banking enhances personal finance management through budgeting tools, accelerates loan approvals, and supports tailored product recommendations that increase consumer power and visibility over finances. A large majority of businesses view open banking as essential for future-proofing, and high percentages report improved transaction efficiency and data-driven financial management.
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