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Published on 30/07/2025
Open banking: Transforming finance through banking APIs and AI
Open banking | A financial revolution
For businesses, access to banking data via dedicated interfaces marks a major shift in financial management. By democratising access to banking services, open banking makes it possible to automate accounting processes, improve cash flow visibility and speed up decision-making.
The benefits for finance departments are manifold: reduced operational costs, faster processing times for banking transactions and enhanced security through strong customer authentication.
SMEs2 and mid-sized companies can now access services that were once reserved for large corporations.
How does open banking work?
Open banking is transforming credit risk assessment through artificial intelligence and machine learning. Financial institutions can now harness new types of data, such as behavioural scoring, which assesses the likelihood of default based on transaction history and real-time financial behaviour. This approach is further enhanced by incorporating alternative data sources, including income from self-employed workers, supplier invoices and sector-specific data.
In response to increasingly sophisticated forms of fraud—such as synthetic identity fraud, where real and fake personal information is combined—financial institutions are strengthening their security systems. Open banking APIs1 enable more robust identity verification, notably through the analysis of transaction patterns and the detection of behavioural anomalies. This technological advancement allows for faster and more accurate credit decisions, while maintaining a high level of security.
What is the main objective of open banking technologies?
Open banking is redefining financial services by delivering tangible benefits to businesses. This technology helps streamline processes and accelerate digital transformation by:
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Modernising financial services through the secure sharing of data between banks and partner companies;
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Enhancing business competitiveness by providing access to advanced financial analytics and tailored solutions;
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Reducing the processing time of banking operations through automation;
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Enabling new business models by interconnecting banking systems;
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Giving businesses access to more suitable financing through more accurate assessments of their profiles;
- Supporting the digital transformation of the financial sector by standardising data exchange.
Tailored open banking solutions
Open banking solutions can be tailored to the specific needs of each business. For start-ups and SMEs, implementation can be relatively quick, requiring only a few weeks of development via an API1. For larger corporations, integration may take several months due to the complexity of their infrastructure. These solutions make it possible to leverage essential alternative data, particularly useful for assessing the creditworthiness of self-employed workers, who are often excluded from traditional lending systems. Flexibility lies at the heart of these services: Businesses can diversify their offerings based on different customer segments, while continuously reassessing their scoring models to keep pace with market developments. This bespoke approach not only promotes financial inclusion but also streamlines decision-making processes, enabling organisations to develop more effective financial services that better meet today’s needs.
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