Attractive benefits and positive member implications are associated with open banking
For example, a CU would be able to compare a member’s accounts and transaction history across institutions. This analysis could lead to new service options or beneficial account changes for the member.
Right now, the act of moving one’s checking account to another institution is a tedious, error prone, and time-consuming process. It should improve dramatically under open banking. This fact alone could generate lots of enthusiastic member support for open banking.
An API could be programmed to do a deep analytic dive into member transaction data. The goal would be to identify better products and services for them. Perhaps a deposit account with a higher interest rate or a credit card with better features.
Another app might use voice commands to help visually impaired members better understand their finances and do more of their own transactions. And open banking should improve fraud detection because it’ll be easier to monitor accounts. This would make it easier to identify potential problems and address them sooner.