Abstract Banking Promises a New Era of Customer Choice

Abstract Banking Promises a New Era of Customer Choice

Open APIs could revolutionise the banking sector providing customers with more choice and flexibility while increasing competition between banks and lenders. Just as comparison websites enabled customers to find the best products and thus disrupted the high street banks, APIs could empower customers to compare and switch products in a much more seamless manner, further weakening the hold of the established banks. If this happens, it is vital that customers remain in control of their data and have a clear understanding of how to use it. They need to understand who they are sharing their data with and for what purpose it will be used.

Sourced through Scoop.it from: www.finextra.com

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