Although its quite a recent concept, open banking has many potential benefits for customers. In fact, unprecedented crises like the COVID-19 pandemic can even enhance the benefits for customers, as we have looked at in previous posts, such as here, here or here. The data and information that open banking provides can be used to better understand a customer’s financial position for loan applications or credit assessments or even for identifying people in trouble who need support.
Unlike previous crises, the COVID-19 crisis is not a banking crisis. It’s a crisis of
Press Release Madrid, 18th Jan 2021 Financial, liquidity and economic problems, unexpected incidents, poor management,