Affect The Financial Sector

Serge Beck is the founder and CEO OmniWire.

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The banking industry is facing a substantial shift. In the financial sector, one of those shifts is better known as open banking. Open banking is a financial services innovation that provides third-party developers with API access to consumer banking data. This ultimately gives customers more options and control over their financial information.

In just a couple of years, in the United Kingdom, open banking has already demonstrated its promise. Open banking-powered payments more than quadrupled from the previous year in July, reaching 11 million. While traditional banking has historically played its role efficiently, its limitations in the fast-evolving digital age become stark