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Open Banking – Unlocking New Possibilities Accelerating Financial Inclusion
Open Banking fosters an increased competition within the financial services market to accelerate financial inclusion by acquiring and addressing the financial needs of the unbanked, underbanked and ‘unhappily-banked’ populations. It acts as a catalyst for digital transformation while bringing in more innovation to the traditional banking practices and makes the financial offerings affordable to the unbanked community. As the term suggests, Open Banking believes in democratising access to banking services and making them available in real-time to the customers so that they can better manage their finances.