Open banking puts data at the heart of financial management, supplying users with a network that consolidates their data at different financial institutions through application programming interfaces (APIs). Data is securely shared between institutions, making it easier to transfer funds and compare offerings, in turn forcing large banks to compete more directly with smaller, specialized institutions. Corporate clients—not to mention consumers, pension funds and banks—will be scrambling to keep up. Those that can may find themselves in a new, more profitable environment; those that cannot may be left behind.
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