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open banking Source: Shutterstock.

Open banking is changing how people think about financial institutions – including credit unions – and transforming how these institutions operate. By enabling third-party financial services providers to access a credit union member’s data through application programming interfaces (APIs), open banking increases transparency, facilitates collaboration and creates new financial product opportunities.

Credit unions that choose to give their members digital open banking app experiences need to understand the industry landscape and regulatory environment. They also must learn how to protect all transactions and personal financial information in this larger and more complex cybersecurity threat landscape.

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