Evolution of Open Banking and Open X
Modern banking maturity levels are considered as follows:
Traditional Banking: Includes cores activities such as retail and private banking, corporate banking and investment banking.
Digital Banking: Depending on a bank´s digital maturity, provides an omnichannel experience for the customers.
Open Banking: Corresponds to bank´s ability to leverage an ecosystem of third parties and interact with them using Application Programming Interfaces(APIs)
Open X: Relates to bank´s ability to leverage data and create a shared marketplace by effectively collaborating with FS and non-FS firms, resulting in a seamless experience for the customers
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Call to protect consumers from paying excess costs on rent-to-own goods
New research from Citizens Advice shows high-interest rates, late payment fees and expensive add-ons are leaving rent-to-own consumers struggling to pay for goods that they can end up having to return.