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20 Open Banking Use Cases | Yapily, the open banking infrastructure platform

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Open banking has levelled the playing field for everyone. There are tens, if not hundreds, of examples of how open banking is being used. But, many providers still don’t know how open banking can help them, or better yet, how they open up new revenue streams. Here, we’ve compiled 20 use cases that are powering financial innovation across industries. Around €5.7 billion is lost during the onboarding process. Why? Because financial services still rely on physical documents for identity verification. The paradox is that paper documents are riskier than digital credentials. In fact, they’ve contributed to a surge in identity fraud. But with access to data, companies can… Financial services have the most to gain - particularly banks and lenders who still follow traditional verification processes. Wealth management can also leverage open banking to protect customer assets against sophisticated account takeovers. With every corner of the country feeling the effects of skyrocketing inflation,

Open banking has transformed access to data and instant payments, giving businesses of all sizes the tools to innovate and compete in ways that were previously unimaginable. But with so many possibilities, how do you pinpoint the ones that genuinely add value to your business? You might be struggling to understand how open banking can truly benefit your business, and you could even be leaving untapped revenue streams on the table. To give you some ideas on how open banking can help your business, we’ve compiled 20 game-changing use cases that are driving financial innovation across industries.

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