OPEN Banking! Why do Canadians need it?
The NEED The business of consumer banking has long been owned and operated by financial institutions that have been working very hard to keep up with the constantly growing consumer expectations and advancements in technology. Although financial institutions have succeeded in providing their customers with proprietary mobile and online banking channels to operate and manage their portfolios, the modern-day customer is still spending more time and money when it comes to personal budgeting, financial product comparison and proving their creditworthiness to loan providers, especially if they have a diverse and distributed financial profile. It gets complex and therefore financial data consolidation and management is often outsourced! So, there is a growing need for digital solutions that can enable a customer, to increase control over their financial information and make healthier financial decisions. The SOLUTION Open Banking is the concept of allowing accredited third-...
