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What is open banking? Nearly half of Americans don’t know

August 24, 2021

Via: TechRadar

Despite the fact that open banking allows both consumers and SMBs to have more financial freedom, new research from the API management company Axway has revealed that half of Americans have never heard of the term.

For those unfamiliar, open banking uses APIs to unlock financial data so that third-party software providers and banks can build new, customer-centric financial applications and services.

Although half of Americans had never heard of open banking, once they had the concept explained to them, 84 percent agreed with its central tenet that they should have more control over their financial data.

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