In this modern day and age, data has proven to be a highly valuable asset. The financial data that banks hold, belongs to the users of its financial services including, the individual consumers and the businesses. The basic premise behind open banking is to enable the users of financial services to access, manage, and leverage their financial data, through open banking-enabled applications, in order to take advantage of better product, price offerings and services. Therefore, open banking fundamentally rebalances the power between financial institutions and users of financial services, while making the experience of transacting money digitally more convenient and intuitive.

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