For startups, open banking can be a game-changer in several ways:
Access to Data: Startups can leverage data to gain insights into customer behavior, tailor products to meet specific needs, and enhance overall customer engagement. Reduced Costs: By accessing financial data through APIs, startups can avoid the costs associated with building and maintaining complex financial infrastructure. Improved Financial Services: Open banking enables startups to offer faster and more efficient services, such as real-time payments, automated accounting, and personalized financial advice.