The job of any financial service or institution is to be keenly aware of the modern economic landscape – able to adapt and fit within that landscape as is demanded of them. New forms of technology that drastically change how people spend money can often bring drastic changes to this landscape – open banking API platforms being a prime example of this. Enjoy this short article on How Open Banking APIs Are Shaping the Next Generation of Financial Services now!
Understanding what exactly they’re changing about the landscape can better help these institutions to tailor their own services to the client – creating a more cohesive and modern experience.
The Customer Experience
Many advocates of open banking API platforms will emphasize the benefits that they can have for the customer experience – allowing businesses and financial services to tailor themselves more specifically to the individual. Businesses can use the spending data that they glean from their audiences in order to customize and improve their own services in the future. At the same time, customers themselves might be able to understand their own financial habits better.
Proper open banking API management is about establishing a method of payment that is easier and more streamlined for the customer, without losing any of the security that they’ve come to expect from their bank. All while creating a situation that allows those involved to be more directly integrated into the transaction itself, giving way to new data and analysis.
Accounting Insights
For those in accounting, using open banking APIs can help them better understand their clients’ financial situations – whether individual or business. For many in this line of work, it’s already the case that having a direct lens into their client’s accounts will be essential – giving them a prime understanding of what spending needs to change or how they can meet certain regulations. The use of open banking APIs, then, is simply an extension of that, giving people in this industry a way of providing a more cohesive service to their clients through more extensive coverage paving the way for the Next Generation of Financial Services.
Invisible Functions
The removal of that direct interaction that spenders have with their bank as a part of this new process might feel like it diminishes the role that banks will play going forward. However, it’s not that these institutions won’t be doing anything – after all, everything still needs to be shared with third parties, and accounts need to be maintained – it’s just the mode of interaction that changes. Furthermore, it’s not about creating a situation where the bank is removed from the process entirely – there might still be situations where you need to engage directly with the customer, after all, especially in the case of customer service. However, the use of these APIs is all about streamlining, making navigating life and spending in a digital world feel more organic.
Naturally, the banks might choose to adapt to this by becoming more digital themselves. This is something that can already be seen with various digital-only banks like Starling or Monzo, hosting apps that provide audiences with everything that they need to get spending. Welcome to the Next Generation of Financial Services!
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