FinTech start-ups have posed a threat to the banking-sector for a long-while now and leading the way in disrupting the traditional financial practices. On the contrary, recent advancements have proved that two have come to terms with finding greater benefit in collaborating to provide higher quality services and customer satisfaction levels.
Application Programming Interface lays a platform for several apps to run simultaneously on one single system, achieving a higher rate of satisfaction and convenience for customers. An effective way of simplifying life and providing a greater value aimed at simplicity. Fintech partnerships have used APIs in a very smart way to disrupt the traditional banking systems by the use of open banking.
In essence, open-banking refers to a system where banks share data with third party applications, securely. Banks have for the longest time carefully watched over most financial transactions – the in and out-flows of money, locally or cross borders and the exchanges of money. With immense growth seen in the Fintech arena, has principally set an alarm off within the banking industry as a point of concern, which has caused the banking sector to move fast in embracing Fintech to capitalize on new opportunities.
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