Open Banking Opens Doors to Card-Linking Opportunities

Open Banking Oens Doors to Card-Linking Opportunities

Consumers’ ability to manage all their financial data in one location is an appealing concept—and open banking makes it possible. Open banking leverages a set of technologies and standards that let consumers safely and securely consolidate their account information. They grant permission and control over who uses their data and how, and reap benefits offered in return (a boon for the card-linking industry).

What is Driving the Conversation?

Unlike screen scaping, a common process of the past, open banking is on the up and up, using application programming interfaces (APIs) to allow secure networking of accounts and data across institutions. Open banking is a driving force of innovation, allowing financial applications to share data without sharing account credentials. It puts consumers in the drivers’ seat—and offers more opportunity for merchants to increase loyalty via secure card-linking.

Questions DCA Members are Asking:

1. What is the definition of a Super App?
2. Is there a demand for Super Apps in the U.S.? Why or why not?
3. Why are Super Apps big in Asia but not here?
4. Are Super Apps just for consumers, or do they / will they encompass enterprise applications, i.e. workflow and collaboration?
5. What role are Super Apps playing in the digital commerce space?

Related DCA Resource:

Commerce Code Episode 130: Did Mobile Banking Boom in the Pandemic?