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February 28, 2019
Could open banking power the enterprise growth local economies need?
Open banking is disrupting the relationship between small and medium sized businesses (SMEs) and banks – and creating new partnerships for growth. Helping SMEs maximize their ability to generate positive economic and societal change will take more than just the interest and support of larger firms. Central to SME growth is finance – which is why the banking and financial services sector now has an unmissable opportunity to help transform SMEs with the rise of open banking. Open banking is a whole new way of building intimate, transparent, and versatile relationships between banks and their customers – and that includes SMEs. But what exactly is it? EY’s EMEIA Payments Leader and UK Advisory Banking Technology Leader, Hamish Thomas, answers.