The banking system is changing. Rather than control everything themselves, financial service providers are looking at building a more horizontal system under the umbrella of a banking network.
Banks, insurance agencies, loan providers, and so on are looking at ways to integrate their services with other providers. It’s the magic of open banking — a system where banks use APIs to provide third-party developers and service providers with automated, secure access to customer data so they can offer tailored solutions. This modularization allows them to focus on providing specialized services while still giving customers a connected experience — a win-win for everyone.