The founder and CEO of MENA region’s first and largest open banking platform is confident about the revolution that the technology will create in the industry. A mobile banking application that has license can become financial advisor to customers in open banking. Open banking refers to sharing of financial information electronically and securely, with the consent of customers.
Abdulla Almoayed, the back bone of Tarabut Gateway, told Arabian Businesses that any mobile banking with license can become your financial advisor. Through Open banking application programming interface (API), It provides access on financial data to third-party financial services providers to develop new apps and services.
He insisted that open banking is 100% secure. Open banking uses advanced secure data mobility. So, it is impossible for people to hack when data moves from X to Y.
Tarabut Gateway :
Tarabut Gateway was founded in 2017. The company now has expanded its offices in UK, Kuwait and in Beirut. It is a trusted open banking partner that is connected to various retail banks.
“We do believe that it’s a pretty exciting start that I think will really leapfrog ahead of other jurisdictions if it’s done right,” said Almoayed.
“If you look at the customer experience gap today, how you feel when you deal with your Snapchat, your Instagram or LinkedIn, whatever it is, versus dealing with your bank. It’s that customer experience gap that we’re trying to fill.”
Reasons why Open Banking is getting popular:
- It increases financial innovation and collaboration between fintech entrepreneurs and banks
- It offers potential improvements for customer’s security.
- The data helps financial institutions tailor their products and services to enhance the customer experience
- Open banking gives customers control on their own data and to who it is shared with
- It is one platform where customers are able to control and manage their finances
