Open banking will allow the bank to foster partnership with the ..... party to roll out financial mobile applications to consumer.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Open banking will allow the bank to foster partnership with the ____ party to roll out financial mobile applications to consumer.

A	first
B	second
C	political
D	third

Explanation:

Detailed explanation-1: -What is Open Banking? Open Banking is a term used to describe a set of technologies and standards, which allows consumers to safely and securely share their account information, for example through apps and websites.

Detailed explanation-2: -For an individual who has several bank accounts, Open Banking will allow them to check all their transactions in a single interface through account aggregator applications, which can even move funds between one account and another if the balance is negative in a particular institution.

Detailed explanation-3: -Open Banking enables consumers and businesses to share their transaction data securely with trusted third parties, who can provide customers with applications and services which save them time and money.

Detailed explanation-4: -Digital banking trends in 2023 will allow banks to shift increasingly from face-to-face actions to fully digitised services. Banks will be offering advanced targeted service on a whole range of new devices that duplicate the functionality of smartphones but are more user-friendly and portable.

There is 1 question to complete.