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How Open Finance Is Transforming Banking And Tech

The article from Forbes Tech Council discusses how open finance is revolutionizing the banking and technology sectors by promoting transparency, innovation, and customer empowerment. Open finance allows third-party developers to build applications and services around financial institutions, leveraging APIs to access financial data with customer consent. This shift is breaking down traditional barriers, enabling personalized financial services, enhancing customer experiences through better data utilization, and fostering competition. It also highlights the potential for increased financial inclusion, as smaller fintech companies can now compete with established banks by offering niche services. However, the article also addresses the challenges such as security concerns, data privacy, and the need for robust regulatory frameworks to manage the risks associated with data sharing. Overall, open finance is depicted as a catalyst for a more interconnected, efficient, and customer-centric financial ecosystem.

Read the Full Forbes Article at:
[ https://www.forbes.com/councils/forbestechcouncil/2025/02/14/how-open-finance-is-transforming-banking-and-tech/ ]