Every year, consumers submit over 70 million loan and credit applications through non-digital channels, equating to roughly $1.64 trillion in originated balances and credit limits. These borrowers should benefit from the streamlined applications and more competitive products enabled by Open Banking. Read to learn how authentication based on PII, not credentials, makes accessible the benefits of Open Banking for all.
Open banking is only as useful as the number of consumers who can benefit from it. Kudos to Mit Shah for this thoughtful piece in today's BAI newsletter highlighting the importance of making open banking work for consumers who choose non-digital channels to conduct their financial services.