This is a preview of The Monetization of Open Banking research report from Business Insider Intelligence. Purchase this report. Business Insider Intelligence offers even more insights like this with our brand new Banking coverage. Subscribe today to receive industry-changing banking news and analysis to your inbox. Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront. Instead of competing directly against fintech and third-party institutions, incumbents can leverage open banking to partner with them instead, and thereby remain competitive in the rapidly evolving industry. 
Open banking has the ability to transform how incumbents interact with not only fintechs and each other, but with consumers as well. We outline exactly what open banking is, and describe what financial institutions stand to gain by adopting it.
What is Open Banking?
Open banking is set to shake up the financial experiences for customers across the globe – in a good way. With this system, banks open up their application programming interfaces (APIs), allowing third parties to access financial information needed to develop new apps and services and providing account holders greater financial transparency options.
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See Also:
- Bank of America is moving an increase of its minimum wage to $20 forward from 2021 to Q1 2020
- Apple Card users received $10 billion in credit from Goldman Sachs
- Westpac is partnering with UK-based 10x Future Technologies to launch a BaaS offering
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