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Open banking driving financial innovation

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Global Business Review Magazine
Tuesday, February 7, 2023
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Open banking driving financial innovation

Open banking driving financial innovation

A new force is blasting through the European financial system. Open Banking is forcing traditional banks to share customer data, with permission to third-party service providers. Open Banking is changing the landscape of finance. In this London is at the forefront. Freedom Finance is a search engine for loans. Jake Ranson, Freedom Finance’s chief customer officer, says the new data laws underpin its service. He stated that it allows them to collate the most comprehensive view of a borrower and present back to them a better and broader range of personalised offers than they could have got from their credit data alone.

Zach Perret, co-founder and chief executive of the company, has previously described the impact open banking has had on banks and fintechs as a sea change. Plaid’s software helps to connect more than 15,000 US banks. Now European fintech companies can use Plaid’s service to connect to UK bank accounts. It’s still early days for Open Banking, and the opportunities are still being explored. CreditLadder uses Open Banking to report rent payments to credit reference agencies. It thus improves the credit score of the user.

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Monzo bank’s head of Open Banking, Kieran McHugh, said that he will think in general people tend to overestimate the potential of new technologies in the short term, and underestimate the potential of new technologies in the long term. Anyone entering the UK financial markets is without a doubt going to hear a lot about Open Banking. The impact of the revolution is yet to be felt. In the US, large tech companies are already established to reap the benefits of open banking. Google has become the latest firm to move into banking by offering smart current accounts.

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After China central bank vows to crack crypto trade, Bitcoin slips

A glimpse of Cryptoverse DEX, and a brief accounting

FTX invested $300 million in Bahamas property as “personal fiefdom”

FTX invested $300 million in Bahamas property as “personal fiefdom”

Ant group sees fine from China over $1 bln, suggesting overhaul is almost done

Ant group sees fine from China over $1 bln, suggesting overhaul is almost done

Africa calls for climate finance tracker

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Budweiser World Cup advertising is limited by Qatar’s liquor ban; not destroyed

Budweiser World Cup advertising is limited by Qatar’s liquor ban; not destroyed

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British insurers serve as a trial run for the post-Brexit “unshackling”

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • A glimpse of Cryptoverse DEX, and a brief accounting
  • FTX invested $300 million in Bahamas property as “personal fiefdom”
  • Ant group sees fine from China over $1 bln, suggesting overhaul is almost done
  • COP27 agreement achieves a milestone on “damage and loss,” but not more
  • Budweiser World Cup advertising is limited by Qatar’s liquor ban; not destroyed

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