The rise of open banking fosters greater innovation and collaboration between fintechs and banks to offer smarter market-ready solutions. Over the past few decades, traditional banks have held the power in terms of providing everyday banking solutions; but now fintechs in the mix, the marketplace is far more competitive and has forced businesses to put the consumer at the core of their solutions. This has now shifted from competition and extended into a level of collaboration between banks and fintechs. Collaboration enables both parties to offer better solutions, expand into new markets, provide greater digital services without regulatory and outdated backend systems and increase the availability of online services.
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Cracking the Code: How The Open Finance Appathon Empowered API Innovation