Institutions that leverage open banking technology in the process can minimize risk, reduce friction and speed up their services to consumers and businesses alike. That move toward greater efficiencies comes as end-users grant account permission during underwriting, which then can be used to expedite repayment, too.
In this video, Mastercard SVP of Open Banking Credit Services Lisa Kimball discusses:
- How will openness and data sharing impact loan servicing?
- What role does open banking play in payment processing and improving the lender/borrower experience?
- What factors are driving digital financing in the U.S. today?