Open banking challenges the monopolistic behaviour of banks by ensuring more information and data is given to customers. It allows them to gain access to finance with ease due to the higher concentration in the market, overall providing a better experience than traditional banking.
Key learning objectives:
Explain the initial problem with established banks and the Open Banking Initiative to combat it
Discuss how Credit and Price decisions are made
The key metrics Underwriters use when reviewing customer data.
Explain the measures that are in place to ensure equity in markets.