I hosted a dinner that focused on Open Banking recently and what it means to fintech firms and start-ups. There were no bankers at the table, but many firms that consult, provide systems or are deploying new businesses in fintech.
The general consensus was that Open Banking is all about customer focus first and foremost. For example, customers’ onboarding experience is horrendous today, involving forcing them into the branch with all of their identification documents. If we could simplify and take the pain out of that process through application programming interfaces (APIs), that would be amazing.
