How might we include partners, data and solutions to deliver incremental value for customers through SGFindex, the Singapore Open Banking system?
6. Open Banking
Proposal submission date
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Problem Statement Information
Category
Personal finance, Retail/Consumer Banking
Problem statement tags
openbanking
Short Description
Detailed Description
With the increasing needs for customers to control over their personal financial data, Open Banking enables this shifts from the current closed model of banking, where each bank retains and controls the data it collects about its customers, back to the customers.
In an Open Banking system, customers can decide who has permission to access their data. This could be other banks or even providers outside the financial services industry.
Some of the benefits to customers could include: Access to more reliable, tailored, and personalised financial advice, the ability to view and make changes to all your banking accounts and products on a single screen even if they are held with different financial institutions, and recommendations for more relevant/ suitable banking products
Customers will have to provide their consent to allow access to the sharing of their own personal information in this way.