From securityboulevard.com
Historically, only large, well-established banks had control over the majority of consumer and corporate finances, making it highly challenging for smaller financial services providers to break into the market. Open banking has transformed the way organizations and consumers manage their money, as users can now conveniently access their finances from the comfort of their homes. This revolution in banking has also presented a wealth of opportunities for small financial organizations to provide competitive services and for developers to design the latest innovative open banking apps.