Skip to content
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
placeholder-661-1.png
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
logo

World of open finance

The banking and financial services industry is in the middle of a radical evolution. The open finance is an example, which is giving consumers access to critical services. To best understand open finance, its beginnings should be looked after. It began in the UK with a study conducted by the Competition and Markets Authority (CMA). This effort focused on the nine largest banks in the region. 

CMA wisely took action, requiring these nine to give licensed banking and financial startups. Access to their data introduced a competitive element. It also launched open banking, the precursor to open finance. Open banking is a protected way of sharing customers’ financial information with third-party providers. This differs from open banking because it ties in businesses from outside the financial sector. This includes insurance companies, utility providers, retailers, and more. According to the National Survey of Unbanked and Underbanked Households by the Federal Deposit Insurance Corporation (FDIC), 6% of U.S. households, or a total of 14.1 million American adults, are unbanked. In countries like the Philippines, that percentage is more than 40%.

YOU MAY ALSO LIKE

Switzerland Weighs Membership in Global Anti-Corruption Task Force to Shed Reputation for Secrecy

UniCredit Withdraws $17 Billion Bid for Banco BPM Amid Regulatory Uncertainty

At the core of open finance are application programming interfaces (APIs). This connects these institutions to other businesses. This includes third parties such as FinTech services. While the idea of being serviced in such a personalized manner is exciting to many consumers. The FCA working to help establish some common standards and roadmaps around open finance. In parallel to these U.K. efforts, open finance has caught the attention of other counties. When done right it’s hard to find a downside to open finance. The key to its growth and success rests in everyone’s ability to embrace this new open arms approach.

Tags: financeOpen BankingOpen Finance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

An Economic Dilemma: The Temptation of Inflation

An Economic Dilemma: The Temptation of Inflation

A Shift in Global Governance: A New Order for the Global South

A Shift in Global Governance: A New Order for the Global South

A Shift in Hiring Dynamics on Wall Street

A Shift in Hiring Dynamics on Wall Street

Market Sentiments and Asia’s Currencies

Market Sentiments and Asia’s Currencies

Hope and Innovation: A Bionic Arm for Nigeria

Hope and Innovation: A Bionic Arm for Nigeria

European Stocks Edge Higher as Consumer and Healthcare Gains Offset Tech and Defence Weakness

European Stocks Edge Higher as Consumer and Healthcare Gains Offset Tech and Defence Weakness

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.

Recent News

An Economic Dilemma: The Temptation of Inflation

A Shift in Global Governance: A New Order for the Global South

A Shift in Hiring Dynamics on Wall Street

Market Sentiments and Asia’s Currencies

Hope and Innovation: A Bionic Arm for Nigeria

Categories

  • Banking
  • Business
  • Events
  • Finance
  • Blogs
  • Fintech
  • Forex
  • Insurance
  • Technology
  • Videos

Social Media

COPYRIGHT © 2020-2025 GLOBAL BUSINESS REVIEW MAGAZINE LLC - ALL RIGHTS RESERVED

  • About Us
  • Contact Us
  • Advertise With Us
  • Leadership report
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions
No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

Copyright © 2025 Global Business Review Magazine - All Rights Reserved.