Open Banking is making strides in Belgium, going well beyond the traditional account aggregation use case we’re used to. The country has already taken a step further, developing a digital identity system through the itsme app.
The app is a consortium of seven private companies: Belfius Bank, BNP Paribas Fortis, ING Belgium, KBC Bank, Orange Belgium, Proximus and Telenet. The app is creating the infrastructure for people to utilise their existing bank account data to prove that they are who they say they are.
Open banking can facilitate the entry of new and non-traditional players into the financial services market. Moreover, as the technology’s adoption rates rise, we’ll probably see the introduction of more tailored services for customers, reduced prices, and a better customer experience.