The year 2024 will mark an important step forward in the financial sector with a significant increase in the Open Banking model. Businesses today are not simply organizations that provide financial products and services.
Become proactive participants in the smart digital environment and open windows for customers through Open Banking. In this context, Tinasoft’s article will focus on analyzing the great advantages that businesses owning Open Banking can grasp, giving insight into the importance and potential of this trend in the world. modern business.
What is Open banking?
Open banking is the practice of securely sharing financial data between banks and third-party service providers, such as fintech applications, Momo applications… Before there were banks. In open banking, consumer financial data is controlled by large banks. Consumers can now manage their financial information and access it across different platforms—receiving a smoother, more personalized experience in the process.
And by leveling the playing field for startups and technology platforms, open banking can stimulate innovation. It pushes big banks to improve their services to compete for business with smaller and newer banks. This can benefit consumers, who often pay lower costs while enjoying improved technology and customer service.
Advantages and future Development of banking app
Nowadays, digital transformation is no longer strange to businesses, and customers with a need for cashless payments are increasingly popular. A technology business today owns its e-wallet, which brings many benefits in terms of increasing customer files or saving costs.
Example of e-wallet link of multinational ride-hailing businesses
Grap and Gojek each own more than 200 customer search partners (technology drivers). The business said that in 2023, it will optimize the entire financial ecosystem, maintain an existing system, and cooperate with e-wallets (3rd party payment), proving that Grap quickly reached a break-even point. in 2023.
Technology businesses need to have a campaign for long-term development to survive in a period of high transformation. In a store, you can see many QR codes, showing that competition for Vietnamese e-wallets is gradually increasing, a warning sign that businesses need to quickly find the right path for development. Digital technology businesses from competitors become partners to combine with e-wallets (open banking)
How happy is Momo’s electronic wallet?
MOMO representative said that cooperation with Grap helps reach many new users, including user sources coming from partner service platforms and existing users of state-owned banks. Postpaid wallet payment service of e-wallet products combined with banks provides customers with payment comfort with many flexible solution options.
Technology businesses prioritize the use of cost-saving technology and much cheaper payment discounts to help businesses optimize finances and take advantage of existing customers and cross-product sales cooperation.
The future of open banking services
- Cashless payment behavior is increasing rapidly, for every 2 transactions there will be 1 online payment transaction with many options.
- Domestic e-wallets are being targeted by foreign investors when they want to participate in the Vietnamese market.
- “Unity” is the word financial observers describe today’s open banking competition. The miracle needs to change
Reputable partner building Tinasoft banking App
The main goal of the project is to enable customers to build their personalized banking applications quickly and easily. Leveraging open APIs and component-based architecture, businesses and developers will be able to customize app features and appearance to fit their brand and specific requirements.
With professionalism and creativity, we are committed to accompanying your business, bringing the ultimate App Banking solution, and meeting all customer requirements and desires.
- Team of Experts
Tinasoft owns a team of talented, experienced software experts, and is always up to date with the latest technology trends. We are not just developers, but also teammates, ready to come up with creative and effective solutions for your banking application.
- Customized Solutions
We understand that each business is a unique entity with unique needs. With dedication and high technical expertise, Tinasoft is committed to providing a fully customized App Banking solution, from the user interface to functional features, ensuring that your application will reflect the true value and image of your application. business photo.
- Safety and Security
We attach great importance to protecting customer and business information. With the highest security standards, Tinasoft ensures that your application will be built on a secure foundation, helping to prevent any information security risks.
- Ongoing Support
Our support doesn’t end with implementation. We’re committed to ongoing support, helping you overcome any challenges and ensuring that your applications always run smoothly and efficiently.
With Tinasoft, you are not just dealing with a software provider, but a committed partner, ready to help your business grow and succeed in today’s digital age.
Address: Ellipse Building, 110 Tran Phu, Ha Dong, Hanoi, Vietnam
Phone number: 02463295589.
Website: Tinasoft. VN
We look forward to cooperating with you.