Open banking- what can it do for the mortgage market?
Industry News | 28/06/19
Open Banking has been with us for over a year now but its impact to date has been somewhat muted, as the potential of this new and revolutionary technology remains unfulfilled.
Indeed, Open Banking still isn’t perfect, including its vulnerability to data breaches, as recently outlined by the chair of the Treasury Committee.
Open Banking is, though, potentially transformative for the mortgage market and if the right security measures are in place. Access to real-time financial data has the potential to radically alter the mortgage journey for customers, lenders and intermediaries alike. The area where Open Banking has made the most impact so far in financial services is in terms of the customer experience.
Source: Financial Reporter
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