Open banking allows consumers better access to their data, enabling them to make better choices about financial products and services. Regulators support open banking in order to drive financial services competition, promote innovation and create new partnerships.

Combining data from financial institutions with open APIs, developers are creating a new generation of apps and platforms with a customer-centric orientation. To beat the rising competition and enable real-time payment that can meet customers’ demands for speed, convenience and always-on access, traditional banking must prepare for digital transformation, breaking through old IT constraints to find, share and deliver value in new ways.