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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

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What are the Benefits of Open Banking?

What are the Benefits of Open Banking?

Ritu Sehgal

20 years: Corporate banking

Open banking refers to the idea that customers have a right to see, and utilise their entire portfolio of account information across all financial institutions with whom they have a relationship. In this video Ritu gives us an overview of Open banking and further highlights the expected practical implications of open banking for the customer.

Open banking refers to the idea that customers have a right to see, and utilise their entire portfolio of account information across all financial institutions with whom they have a relationship. In this video Ritu gives us an overview of Open banking and further highlights the expected practical implications of open banking for the customer.

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What are the Benefits of Open Banking?

4 mins 20 secs

Overview

Traditionally, consumers would use a single bank to manage all of their financial issues. Over the last two decades, it has grown more common for a firm or individual to deal with more than one bank. With the vast majority of customers having multiple banking relationships, it has become necessary to see an aggregated view of all information in one place and be able to take action across the entire portfolio.

Key learning objectives:

  • Define Open Banking

  • Understand how Open Banking works

  • Outline the benefits of Open Banking

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Summary

What is Open Banking?

Open banking refers to the idea that customers have a right to see, and utilise their entire portfolio of account information across all financial institutions with whom they have a relationship.

How does Open Banking work?

Account aggregation, which is the ability to use application programming interfaces, also known as APIs, to gather, aggregate, and display information from numerous sources for the benefit of the customer, is a key component of open banking.

The other key concept is payment initiation from a single interface or rather the ‘aggregated interface’.

What are the benefits of Open Banking?

Open banking allows the customer to:

  • View consolidated position within one interface/portal.
  • Take an action from the interface.
  • Make an informed choice based on the comparable offerings presented or aggregated and most importantly saves the customer tedious efforts of sending and receiving information manually.

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Ritu Sehgal

Ritu Sehgal

With a career spanning over 20 years, Ritu has worked in several different areas of banking with some of the largest Global Banks in both Asia and the UK. In her most recent role Ritu managed the Payments sales business for Lloyds Banking Group Corporate and Institutional clients.

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