Open banking: Shaping the future of FinTech and Finance

Global Banking & Finance Review | Donal McGuinness, CEO at Prommt

“Open banking is not intended to replace traditional banking. Instead, it can be a powerful ally for legacy institutions to modernise and stay relevant in an ever-changing financial market,” writes Donal McGuinness.

This new era of financial data sharing enables small companies to compete with larger players. Favourable market dynamics are driving disruption in the remote payments market, with mobile devices, mobile banking, and regulatory support playing a major role. The digital space is now replete with the potential for data-driven decision-making, improved risk assessments, seamless payments, customer satisfaction, and retention.