Open banking, since its inception, has transformed the relationship between consumers and financial institutions, allowing users to aggregate their data from multiple banks for better financial management.
The introduction of open banking regulations in the UK in 2018 has allowed for unprecedented access to financial data through secure APIs, fostering innovation in financial services.
PSD2 mandates that banks must enable customers to share their financial data with third-party providers, enhancing transparency and creating a more competitive banking landscape.
Despite initial hesitations regarding data security in open banking, the design prioritizes safety, enabling businesses to create valuable applications that improve consumer financial insight.
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