What to Expect from Tesla in 2023?
When it comes to Tesla, there are a lot of things that ...
NOT A PRODUCT, BUT AN ENABLING TECHNOLOGY
(just as Internet)
Benefits to Bank
1) Using networked accounts, bank can get a more accurate picture of a consumer’s financial situation and risk level in order to offer more appropriate loan terms.
2) Increase Digital Revenue from new channels with Open Banking APIs
3) Increase bank’s appeal among the customer by being the first one to enroll in open banking thereby creating enhancing better customer engagement and retention.
“Open Banking APIs are extremely profitable. In fact, banks that embrace Open Banking APIs can expect to witness a 20% increase in revenue; meanwhile, those that reject the initiative may lose 30% of their revenue to “disruptive industry players” by 2020.” 
Benefits to the customers
1. Move, manage, make – more of your money
2. Manage money- example, Overview of multiple banks in a single app.
3. Give access to only those data you approve of and stop providing access at any point of time.
4. Better products and services:
a. Access to credit
b. Overdraft fees
c. Good deal on saving accounts (suitable accounts)
d. Move people to right products
e. Smart re-payment plans
5. SMEs- support in tax returns, help to manage cashflow if SMEs provide cashflow data
6. Customers need to give user credentials to other parties(only to bank).
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