Open banking means a banking market in which the customer is granted the right to access their personal data, stored by their bank, and transmit this data to third parties. Shifting the data ownership from banks to actual account holders will not only put people in control of their personal data for banking, but will also allow them to use that data to their advantage. The most important potential benefit of open banking is a radically enhanced public’s experience with financial services industry. This customer centricity enables greater financial transparency and financial inclusion of traditionally underserved markets.
At Nordigen, we strongly believe that a worldwide adoption of open banking will greatly improve the financial lives of billions of people.
Therefore we see it as our mission to ensure a global adoption of open banking.
Open banking enables free movement of data
As people, we all benefit greatly if the things we own are moveable when we need them to be. It’s the same with banking data - as banking customers, we own our account data and we should be able to use our data to our own advantage when we need to. To date, account data has mostly been trapped in banks. If you wanted to share your banking data with a third party, you had to jump through hoops to access and share your own data - you can call it “closed banking”. With open banking it’s no longer the case. Your banking data can be moved freely when you, as the customer of the bank and the owner of your own data, want it to be moved.
5 important things that happened to Open Banking in 2019
Open banking has been hailed as one of the most important - if not THE most important financial industry regulation of our century. Here are 5 notable things that have happened to open banking in the year after its launch. Read More
Open banking unlocks a better future for banking
There’s a lot of friction in banking today. Applying to new financial products is not instant, despite the fact that we have all the technology we’d need to automate processes behind identity verification or verification of one’s creditworthiness. Once open banking becomes a global phenomenon, we will see many walls coming down. Not only our interactions with banks be instant, but they will become global and more inexpensive. Open banking will allow banks to trust people from anywhere in the world. The increased trust between financial institutions and people will reduce the risk premiums we all pay for. It's a better future for all.
Open Banking Can Help Save UK Consumers £12 billion
Open banking could realise £18 billion in value for British people and small businesses over the course of a year. That's £12 billion for consumers and additional £6 billion in value for small businesses. Read More
How we help drive the adoption of open banking
There are countless industries where open banking can become disruptive, we have chosen to start with financial services as we believe open banking will create a lot of value in this industry. We help drive the adoption of open banking by building solutions that make the adoption of open banking tremendously valuable to financial institutions. The solutions we are building today are related to helping financial institutions turn raw account data in to actionable insights. We do that through products that do transaction categorisation and predictive analytics using open banking data.
Tieto announces partnership with Nordigen to develop new digital services
Tieto announces partnership with Nordigen to develop brand new digital services for the insurance and wealth ecosystems. Read More