Bankrate: What is open banking, and how will it affect you?
What is open banking, and how will it affect you?
July 13, 2021
By Mary Wisniewski
“Open banking isn’t something wonky that you only need once when you apply for a mortgage,” says Jane Barratt, chief advocacy officer at MX, a banking data analytics company. “It means you can use the data that you have, it’s yours, and share it with companies that you think can help you improve your financial health. Whether it’s access to cheaper forms of credit, whether it’s to use different money management tools or whether it’s to set up direct payments. There are a ton of things you can do that makes your money more automated and it is all based on data availability.”
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