The finance industry has long accepted that the new form of banking is already not what it used to be. Online banking has become the new normal, and today, we are on the verge of an even more impactful revolution for the whole finance industry, with open banking regulations.
Neobanks like Revolut, Starling Bank, and Monzo are not the only ones to offer a branchless experience; conventional banking institutions are also investing in the new technologies as much as they can.
onventional banks, fintechs, and neobanks are all on the verge of a transformation and, as we mentioned above, innovation and agility are the key factors to winning the new era of banking.
Open banking lets bank APIs, fintechs and other third-party apps share account data in a safe and controlled way. This opens a door for super-apps to become even more powerful.