Open Banking: the new services that are transforming banking
The data sharing launched by Open Banking encourages banks, neo-banks and fintechs to develop new financial services. Via APIs (Application Programming Interface) or the creation of digital tools, all are on the way to change. However, it is important to take the right turn and avoid deviations. What is Open Banking? Definition and examples Implemented in 2018 following the 2013 PSD2 directive, open banking requires financial institutions to open their data to third-party banking services or players. Directly involved are fintechs, app services and API developers. In the wake of Open Innovation, Open Banking ensures better transparency of banking data, but also, and to a certain extent, of customer data. Every customer can find general information, such as branch location, and observe account movements from their bank's application or a third-party application. Open Banking has turned the market upside down: fintechs such as Lydia (payment service) or Bankin' (multi-account management), are very successful, while banks offer applications for monitoring one's stock portfolio (LCL) or managing one's employee savings [...]