The Open Banking model is an ally that streamlines and simplifies all financial processes, allowing the customer to be the owner of his data and have all the information he requires at his fingertips. This opens up the possibility of integrating new personalized financial services in real time.
And what is the role that financial institutions should play in the advent of Open Banking? While clients have better access to their data and financial information, entities must also provide greater transparency in the handling of information, as well as have a good personal relationship with the client.
In Mexico, the Law to Regulate Financial Institutions (2018) or Fintech Law, indicates that all financial entities must integrate a data application interface (API) so that they are private and secure and can be shared open financial data, aggregated data and transactional data.
Therefore, by having an interface connected to different banks, Open Banking allows the user to have a better management of their money, generate strategic savings plans and better optimization of their finances. This is a super benefit for users, because as if it were an app store they can get cheaper loans, financial insurance, better investments, mortgage loans, among others.
This modality has achieved greater financial inclusion as more and more banked and unbanked people are joining, thus increasing competitiveness for the creation of disruptive services and increasing technological innovation. Thus, Open Banking has focused on generating a multichannel service to the client, providing attention at the time they need it, seven days a week.