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The leading technology company forecasts that in 2023 open banking will become an even more relevant axis, since the trend for the consumer to be the center of the financial ecosystem will be strengthened and will continue to operate.
In accordance with Deloitte, The open banking model makes it possible for customers to have access to a greater range of financial products and services, providing a broader vision of their finances, which in turn fosters better financial management.
For Mastercard, one of the main objectives of this banking model is to create personalized solutions, so that both individuals and companies are positioned against a wide range of financial products and choose the one that suits their needs. Based on this, new business models are created, as a direct response to the needs of each client.
A transparent banking model for everyone
Under this scheme all users have the ability to compare different offers available and choose the best one for them. Open banking is beneficial when an open and constant flow of data is generated between financial institutions on the behavior of clients in the industry, coupled with the fact that users have sufficient information at their disposal to be able to make better decisions about the use of their money. .
“Financial inclusion in Mexico is a key component of our Mastercard strategy, as it will allow us to reach underserved sectors, increase the percentage of the population banked, and collaborate with new players in the digital payments ecosystem,” said Mauricio Schwartzmann, Country Manager from Mastercard Mexico.
In addition, open banking is favorable for banks, in the sense that they can capitalize on opportunities in order to navigate difficult contexts and turn challenges into opportunities. They are able to demonstrate increased competitiveness by leveraging secure information transfer through Application Programming Interfaces (APIs), as well as industry innovation and inclusiveness trends.
