< Back to News

American Banker: Open finance is the future of banking

May 16, 2022 | 0 min read

American Banker
BankThink: Open finance is the future of banking
May 16, 2022
By Jane Barratt

The global COVID-19 pandemic has shone a floodlight on financial vulnerabilities and the stress they cause for families. A recent survey shows that only 22% of Americans give themselves high scores on their own financial wellness. This is a failing grade for the financial services industry and a call to action: Providers must begin competing on customer outcomes.

Enter open finance, which is premised on a simple idea: making financial data accessible to everyone. In practice, open finance describes networks of secure connections, primarily application programming interfaces (APIs), that allow customer-permissioned data and services to flow between banks and third-party providers. People benefit from access, portability and optionality and the industry benefits, too. 

(Read the full article here.)

Sign up to receive the latest news, announcements, and event info from MX.