How can Open Banking be Useful for Banking Customers?

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Open Banking is a practice that allows the bank to share the account information of their customer with third parties to benefit the customer. The data is only shared after the approval from the banking customer. Third party companies often use the same data to create apps and services that can help the customers to different types of transactions like borrow, pay, or save. 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.