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What is open banking?

by | Apr 28, 2021

Open banking allows borrowers to use open APIs to build their preferred applications and services. End-users don’t have to manually input and share their financial information.

A lender might build an app that analyzes data from a customer bank account after making a loan request. AI-based algorithms determine if the customer has a healthy financial picture. With instant access, mortgage lenders can approve loans more quickly.