Open banking provides a simple, secure way for businesses and consumers to move, manage and make more of their money using mobile banking apps. It powers new ways for consumers and businesses to access a wide range of financial services – all built on secure systems from regulated providers. This standard has activated a fintech renaissance in the UK and inspired similar initiatives all over the world. It opens secure connections between apps and banks to enable innovation across financial services and ecommerce.
Open banking is showing continued growth and innovation. More banks are embracing open APIs to foster collaboration with fintechs, expanding the range of financial services. Enhanced data security and compliance measures are emphasized. Personalization through data analytics and AI-driven solutions continue to improve customer experiences, fostering competition and choice.
Coforge supports banks in their Open Banking journey by providing software solutions to enable open banking capabilities such as API development, API Management, real time payments, digital banking platforms, Data Management and Analytics capabilities, Security and Compliance, CX enhancement and 3rd Party Integration Management.
