Open banking and the future of banking
The relationship between commercial banks and their customers has undergone a massive change in the last few years. This change is evident when one notes the primary means of interaction between banks and banking consumers. Today, almost three-fourth of the entire banking consumer community interacts with the banks via the digital medium. Be it the banking website, or the mobile application, or the third party financial interfaces, transactions are made between accounts and across banks over the internet. Footfall at banks has decreased drastically, forcing banks to focus on their investment in the digital front. Every commercial bank today is working extra hard to enhance and improve the digital banking experience of their customers. The banks are employing a wide range of techniques and strategies to streamline the digital interaction of customers so that online financial transactions become more simple, trustworthy, and convenient. It would not be incorrect to say that several of th