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Open Banking

What is the Open Banking ?

Open banking, for third-party payment service and financial service providers; It is a process that provides access to individual banking information such as transactions, financial statements, and transaction history. This application is possible using the API (Application Programming Interface). Open banking creates a more streamlined user experience by initiating collaboration between banking information and service providers and by linking all user accounts.

Open Banking Example

Let us consider personal finance in terms of open banking to understand its application in life. Personal finance is a consumer's financial resources; It is the cycle of financial management activities performed to save, spend and invest. In the past, personal finance consisted of visiting the bank branch and talking to your banker, doing calculations with your calculator at home, and doing your best to manage your money.

This method is far too old-fashioned in today's business. It became essential to find new methods by dividing money into different bank accounts, cryptocurrencies, different loans, interest, payments. Checking your bank account balance and making instant money transfers are the services we are used to now, and these are just the simplest steps to open banking.
Let's give an example right away if you ask us, how this job get an advantage for us in our daily life? Let's say you created a savings account and named it "My Dream Car". Firms, if you allow them, can offer you suitable loan offers by checking your savings amount under this title. In other words, third-party providers; they can offer you special offers by accessing your account information.
Due to open banking, the entire banking ecosystem will begin to move from a passive approach to a proactive approach. Your financial advisor working in the background will help you improve your finances.