Open Banking allows customers to control their financial data and share it with third-party services securely.

It enables better financial decisions, helping customers compare products and manage finances from one platform.

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Open Banking started in 2018 with Europe’s PSD2, promoting competition and innovation in financial services.

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Benefits include improved customer experience, innovation, better loans, and increased financial inclusion.

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APIs are key in Open Banking, allowing banks to share data with third-party providers with customer consent.

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Open Banking allows customers to control their financial data and share it with third-party services securely.

It enables better financial decisions, helping customers compare products and manage finances from one platform.

Open Banking started in 2018 with Europe’s PSD2, promoting competition and innovation in financial services.

Benefits include improved customer experience, innovation, better loans, and increased financial inclusion.

APIs are key in Open Banking, allowing banks to share data with third-party providers with customer consent.

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Challenges include security concerns and customer awareness, but Open Banking offers personalized services and better control.