Open banking is quickly becoming the next big thing in financial services, but only around 50% of the UK are aware it exists, so what is it?
Open banking is a technological innovation allowing third parties, like Crezco, to offer users new features or products, such as payments, by communicating with their bank via secure APIs.
How well has it been adopted?
86% of financial institutions already see the value of open banking
94% of fintechs agree open banking can enhance their services
99% of UK banks can be used through Crezco's API link
Better access to financial products
Open banking in the UK and Europe has taken off thanks to regulatory tailwinds with countries across the globe following suit, including: Brazil, Mexico, Saudi Arabia, India, Japan, Hong Kong, Singapore and Australia.