This text is about witnessing a slow yet steady shift from Open Banking to Open Finance – a more sophisticated concept. It implies the delivery of a wider range of financial services to customers and giving them greater control over their financial state.
Open Finance is about the way of data sharing and integrations that allows an impressive range of personalized financial services. Banks have already become a one-stop-shop for their customers, but with the help of Open Finance, they will turn into financial ecosystems with tailored solutions and offers. It is about mortgages, personal finance management, pension funds, insurance, loans, and more.
In the full version of the article, Dmitry Dolgorukov, HES CRO and Co-Founder, provides examples of potential uses of Open Finance.
Also, you will find:
- Considerations and cautions regarding the security of this new technological trend and its implementation for both consumers and financial organizations, as well as concerns about the bias;
- More facts on how Open Finance can change the industry to Fairer Finance
- The industry predictions for Open Finance
Read the full article on Forbes:
OPEN BANKING TO OPEN FINANCE: THE PATH TO FAIRER FINANCE
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