This paper is published in Volume-6, Issue-3, 2020
Area
Banking
Author
Baiju J. Nair
Org/Univ
CHRIST (Deemed to be University), Bengaluru, Karnataka, India
Pub. Date
20 May, 2020
Paper ID
V6I3-1273
Publisher
Keywords
open banking banks open banking framework API financial institutions banking

Citationsacebook

IEEE
Baiju J. Nair. The idea of open banking and the ways it can empower banking: Theoretical perspectives, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Baiju J. Nair (2020). The idea of open banking and the ways it can empower banking: Theoretical perspectives. International Journal of Advance Research, Ideas and Innovations in Technology, 6(3) www.IJARIIT.com.

MLA
Baiju J. Nair. "The idea of open banking and the ways it can empower banking: Theoretical perspectives." International Journal of Advance Research, Ideas and Innovations in Technology 6.3 (2020). www.IJARIIT.com.

Abstract

This article discussed the possible utility of open banking. Open banking is an innovative banking model that can change the way banks and financial institutions have worked. The focus of banking would not be restricted to brick and mortar way. Banking can be done anywhere; the focus would shift from banks' point of view to customers' point of view. Customers can use open banking for getting more pieces of information which can make their financial affairs, make better. Hence becoming a way of life and becoming part of the internet of things. This paper looks at how Open Banking would bring back the trust that customers have lost over the years in Banks. It also focuses on how open banking can bring value to customers and Banks.
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