Open banking models: A New Paradigm of Digital Trends

Where some people have begun saying that approximately 58% Of consumers with mobile banking applications would be willing to switch to a mobile-only bank, that’s a strong statement! Another accelerator setting a new paradigm in the fintech industry is Open banking.  

Latin America, which is not so commonly known for embracing digital payments, is also opening up its gates to embrace open banking- a perfect amalgamation of financial markets through technology, data, and new digital products. er accelerator setting a new paradigm in the fintech industry is Open banking.

What’s more? Specifically in Mexico, in March 2020, the Comisión Nacional Bancaria y de Valores (CNBV) published the first rules of Open Banking, contemplated in the ‘Ley Fintech.’ That’s what enabled agile and flexible non-bank players to enter the payment service market without fear of maintaining heavy banking infrastructure or complying with the complex regulated protocols.


Through API (application program interfaces), they will now access the bank’s infrastructure and data. Now, positioning in the attractive finance market has given excellent customer experience and lower cost bases than banks. 

That was about open Banking! Swift is also ruling the finance world and inviting banks, corporates, and other financial institutions to enable frictionless and instant transactions from one account to another, anywhere in the world.