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:

  • What is Open Banking?

  • How does Open Banking work?

  • What are the benefits of Open Banking?

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Summary
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Expert
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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