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In Open Banking, the data of the customers is shared over an electronic medium. Open Banking API allows the third party to analyze this data to promote the development of new finance and banking applications. The data is only shared after the approval from the banking customer. Data-sharing techniques help the bank to create better services for its customers based on the data and their preferences. The market for third party financial applications is already on a boom with new applications being offered every day. Open banking eventually gives customers more options to manage their money and increase its value.
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