Open banking, enabled by the rise of the internet, has shifted the control of financial data from banks to customers, providing transparency and new services.
With only 6% of the UK population primarily using cash, the transition to digital payments has made open banking integral to modern consumer finance.
Account information services (AIS) like NatWest's Payit™ enhance customer experience in various sectors by securely sharing financial data, offering a competitive edge.
The evolution of consumer behavior, alongside technological advancements, has rendered outdated data siloing practices unsustainable, paving the way for open banking models.
#open-banking #digital-payments #account-information-services #consumer-behavior #financial-technology
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