What Open Banking is, how banks are opening up in the modern world, and why it makes customers' lives easier and better.
Open Banking’s based on the idea of open access to data (Open Data) and the use of application programming interfaces (APIs). This allows external services to access data, such as exchange rates or lists of ATMs, and use software tools to interact with them. Thanks to this, third-party companies use the functionality and content of the banking resource to create their own applications and products.
In summery, Intelexity creates an ecosystem for banks. And this ecosystem forms the natural trio - the banks themselves, their customers, and the applications/stores/platforms that could be interesting and necessary for customers.
Banks become the core of this ecosystem and the center of customer activity. All banking operations are now simple and accessible from anywhere in the world. Banking products are improved and developed based on customer needs, and therefore more and more actions are performed by customers within the banking ecosystem.
Bank customers can now use the system that is individually tailored to them.All banking products - transfers, deposits, loans, statements, documents - are available in just a few clicks. Beneficial offers from companies and services, clear financial analysis and recommendations for managing them, cash-back systems, microcredit, etc. - meet the client's needs here and now.
In turn, the third-party companies and the external services get to know their customers and acquire new ones. They can create offers, develop services, and integrate them based on customer needs and desires.
Intelexity develops the Open Banking system in accordance with the highest security standarts. It allows banks to expand their customer network worldwide, become more convenient and beneficial for customers while maintaining their status of reliability and security.
In Intelexity’s development, we emphasize three main qualities - security, convenience, and accessibility. The future lies behind them.
In the next post, we will explain how banks achieve success with Intelexity and why one of our customer claimed that 3 months was too long.
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