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Exploring the Future of Financial Services at The Open Banking Summit​Financial Services

Exploring the Future of Financial Services at The Open Banking Summit

The use of an open banking system has steadily increased in the last few years. According to reports for UK financial services, in 2023, there was an 88% increase in open banking use compared to previous years. By January 2024, one in seven digitally active consumers in the UK had used open banking. With the rise of technology, financial services are now finding new ways to improve customer experience in banking by offering open banking software.

The UK held an open banking summit to enhance these advancements, improve ease of use, and address generational differences in the open banking system. This summit brought together experts and new ideas for upcoming changes and improvements in open banking.

How Open Banking Works?

An open banking system is like a chain that connects banks, customers and third-party financial services. It works in the following pattern:

1. Your Permission Matter

Open banking service is starts from you (as customer). You give permission to your bank to share your financial data with another third party. They can be a financial app, another bank, or a financial tool.

2. Secure Sharing

After permitting the sharing of data, your bank will secure your data using a secure technology system. This technical system ensures that your data is safe and sent to your selected companies.

3. Better Services

Companies can utilize your data more efficiently to improve their services. They could offer tailor-made tips for saving money, assist in locating the top interest rates, and provide tools for budgeting. 

Open banking software is the preferred solution for achieving this without any difficulties. It guarantees the smooth sharing and protection of your personal information. Businesses creating open banking software are continuously enhancing security measures.

How Does the Open Banking Summit Work?

Open Banking Summit is an annual event held by Tech Trek Events in London this year. At this event, experts in financial departments, such as bank experts, fintech companies, and regulators, will share their ideas, discuss new technologies, and explore them, such as open banking software. The goal of this summit is to improve bank operations and make them flexible for each customer.

The Key Points for the Open Banking Summit:

  • What are the new developments available through the open banking software?
  • What are the ways that can be implemented to enhance user experience?
  • What regulations and standards are needed to apply in the financial services sector?
  • How can banks improve future trends and innovations in the banking industry?

Improving Customer Experience in Banking

Open banking summits’ main goal is to improve the customer experience in banking. At these events, experts make decisions in favor of customer well-being. By employing an open banking system, customers can reduce the complication in the banking process. Now, they can choose from various services tailored to their needs.

Customers may use apps to monitor their expenditures and make financial savings while using open banking software. These applications offer tailored advice based on financial facts. This implies that banking may be more individualized for individuals, facilitating the achievement of their financial objectives. Additionally, there is openness between clients and the economic system, which may foster mutual trust.

The Future of Financial Services

The future of financial services is emphasized during the Open Banking Summit. The sector will see increased innovation and competitiveness as open banking grows. Banks will have to change by providing their clients with greater value and better services.

Customers may anticipate seeing even more individualized financial solutions, more astute methods of investing and saving, and improved money management tools in the years ahead. With the consumer at the heart of every aspect, open banking is simply the start of a new age in financial services.

Conclusion

Attending the Open Banking Summit being organized by NexGen Banking Summit will help prospective bankers grasp the direction that banking and financial services are taking. The summit displays the most recent advancements in open banking software and draws attention to how these technologies are enhancing the banking client experience. 

Open banking will benefit consumers in many ways. It includes development, increased accessibility, and transparency. Both financial institutions and customers should be aware of it. The significant change in how we interact with banks and manage our finances reflects the improved future for all.