My intention with this primer is to give you just enough information to inspire appreciation for Open Banking as an initiative that is changing our financial landscape.
Up until a few years ago, banks’ core infrastructure was locked away from external access, so what brought about this shift towards a more collaborative, “open” system? The intention of Open Banking is to bring about more competition and innovation to the financial services industry, with the ultimate goal of enriching the financial experience of the consumers.
You want one app that would have access to these accounts and would be able to present this information to you at once. The benefit of this would be especially visible in areas of personal finance management e.g. budgeting. This compilation of your various financial information in one place is calledin Open Banking. A good example of this is Money Dashboard in the UK.