Where stats show three times as many of us now use the likes of online apps to manage our money than previous generations, it’s time to open up to Open Banking.
With that management, what are we most invested in?
Understanding our finances
Dealing with our finances
Understanding what financial products are available.
Where we can’t do it all ourselves, Open Banking allows third party expertise access to our financial information and transaction data to:
- Provide budgeting and financial planning help
- Improve the products that are available to you, and Speed up application processes
All of which can be easily done via API’s (application programming interfaces) which make your data immediately available to the third parties you choose, so they can combine your information from your accounts to help you better understand your financial position and make better financial decisions.
Take credit as an example.
Despite Generation Z and Millennials (people born on or after the year 1981) being referred to as “the most financially savvy generations in the UK” and leaders in the uptake of remote banking and investment apps, they are repeatedly being rejected for credit by a banking system that demands “more information”.
Open Banking both challenges and changes this.
By using API’s lenders can have a clearer, up to date view of a borrower’s financial position, speeding up mortgage application processes and offering financial recommendations.
At the same time, Open Banking and API’s offer us:
- An improved understanding of our overall financial position
- Assessment of financial products and services relevant to our needs
- Informed choices on our terms!
Are we as savvy as they think we are?