With Open Finance, consumers can benefit from:
Users can access a consolidated view of their financial products through a single interface, making it easier to manage personal finances efficiently.
Users can benefit from seamless data sharing between institutions, enabling access to personalised banking, insurance, and FX services through a single integrated experience.
Open Finance offers an alternative to traditional card-based payments, reducing friction and transaction costs, accelerating settlement times, and ensuring consumer protection through robust liability models.
Increased efficiency and transparency encourages financial providers to compete in experience, benefits and price across accounts, loans, insurance, and FX services.
Automated data sharing reduces onboarding and product application data entry and processing time, granting users quicker access to financial services like loans and insurance.
Open Finance facilitates the setup of variable recurring payments and automates regular transactions, streamlining financial management and reducing manual effort.
Licensing service providers through the CBUAE and standardising branding and customer experience helps create a trusted Open Finance ecosystem, while unified and streamlined journeys enhance overall functionality.
Open Finance offers meaningful advantages to businesses by streamlining access to financial services and delivering benefits such as:
Businesses can leverage Open Finance data sharing to provide additional data (e.g., transaction history) to strengthen credit applications and access better financing options in addition to onboarding faster.
With real-time access to consolidated financial data and automated financial tools, SMEs can manage their cash flow more effectively, gaining greater control over their liquidity and payments.
Open Finance enables real-time integration of financial data into ERP or accounting systems, automating financial processes like payment reconciliation, invoicing / collections and liquidity management.
Open Finance offers a flexible alternative to traditional card-based payments with new experiences, lower transaction costs and faster settlement times, simplifying and reducing the cost of payment acceptance for businesses.
Open Finance lets businesses integrate financial services directly. This drives smoother transactions and better customer experiences in a range of other ecosystems.
Open Finance provides access to aggregated financial data, enabling corporates to perform advanced analytics for strategic planning and risk management.
Open Finance can significantly benefit Licensed Financial Institutions and Third-Party Providers by:
Institutions and Third-Party Providers can leverage Open finance to create innovative financial products and services tailored to market needs.
Streamlined data sharing and collaboration between Licensed Financial Institutions and Third-Party Providers can improve their operational efficiency, reduce their costs and increase their productivity.
By adopting Open Finance technologies, Licensed Financial Institutions and Third-Party Providers can gain a competitive edge, offering advanced solutions that attract and retain customers.
Open Finance enables Licensed Financial Institutions and Third-Party Providers to access new customer segments and markets, expanding their reach and influence.
Access to comprehensive financial data allows Licensed Financial Institutions and Third-Party Providers to gain deeper insights into customer behavior, enhancing their ability to offer personalised and relevant services.
The platform ensures all participants adhere to high regulatory standards, maintaining the integrity and security of financial transactions to keep Licensed Financial Institutions, Third-Party Providers, and their customers safe from bad actors.
