Curt Queyrouze, Bank President of TAB Bank joined Nicea on Good things Utah today to discuss the importance of digital and mobile capabilities and help viewers to understand Open Banking.
Curt tells us that to improve our digital and mobile capabilities, they have invested millions into their digital and online bank offerings to bring unmatched technology, ease, and access for personal banking customers and business clients. In addition, they have invested significant time, resources, and money into their Open Banking API and Banking-as-a-Service platform that provides aspiring and established Financial Technology firms with access to the tools and systems necessary to support their customers. Without getting too technical, it allows third-party developers to build applications using the services they provide as a bank.
Open Banking is the idea that banks should open their systems and allow third parties access to their data and infrastructure to enhance their own services and promote competition in the finance industry. By providing third parties this access, banks can form relationships with new players in the industry as they continue to establish themselves in the ever-changing financial technology landscape. This access to third-party developers is done through APIs (Application Programming Interfaces).
In the case of TAB Bank, their Open Banking APIs will allow their FinTech partners to utilize their back-end system and regulatory framework to open accounts, issue cards, and facilitate payments for their customers.
The benefits and value that these partnerships with third-party developers and FinTech companies present for consumers and small business owners are numerous. Open Banking has the power to revolutionize the way we manage our money, shop around, and buy things. APIs have the potential to create new services delivered by existing and new financial services. They have the power to bring substantial benefits to consumers, aggregating their financial products in one place; providing new insight about spending patterns; making recommendations about saving money; automating parts of the decision-making process, and even offering new ways to pay.
For small to medium-size businesses, it will make managing cash flow and receiving payments cheaper and easier. It unlocks the ability to conduct financial transactions, open accounts, get real-time data, integrate with third-party applications such as Autobooks, Quickbooks, and many others in the form of enhanced and dynamic mobile and digital banking solutions.
TAB Bank was born in Ogden, Utah in 1998 and originally spun out of the Flying J Truckstops. They have been a completely mobile, online solution that makes banking easier and more intuitive. More than 20 years later, they are still completely obsessed with making their clients happy and watching them succeed.
Source: https://www.abc4.com/gtu/why-digital-and-open-banking-are-important-to-the-future/
