The AI Banking Revolution Is Here: Open Banking APIs Explained
AI banking, it sounds like a concept pulled from the pages of science fiction, but it’s very real. If you’re using any form of digital online banking, whether in your personal or professional life, you’re using AI banking. Artificial intelligence in banking comes in many forms, from fraud prevention to tracking your spending habits for loan applications.
With AI being so ubiquitous within the banking world, it should come as no surprise that you can harness some of that power within your own business. One of the most obvious ways to incorporate banking AI into your own operations is through the use of an Open Banking API.
Open banking is a fantastic addition to the arsenal of any business operating within the digital finance space. From loan providers to landlords, open banking APIs are easy to use, and can fit seamlessly into your systems as a key feature of your business. But what is an open banking API and how can you use one in your business.
What is an Open Banking API?
An open banking API is an application that can be integrated into your business processes that allows you to pull essential information from an applicant’s bank statement in real-time. It can sound like an invasive process, but as we’ve discussed in a previous post, it’s completely safe and won’t affect the user’s experience of your website at all.
APIs are applications that are fully packaged for out-of-the-box use as a part of your online offering as a business that can give you access to very impressive technology without having to have a team of expert developers on your side. Our Open Banking API, for instance, is available as a part of our LendTech platform; once you’ve signed up you can easily set up open banking on your website and start assessing applicants almost instantly.
Open banking is great for businesses working with any kind of financial service. When used effectively, an open banking API can help you automate the entire applicant approval process. Simply combine the bank statement checking capability of an open banking API with a rules-based decision engine and you’ll be able to let your application process run itself. But how can you harness this technology?
Integrating Open Banking into your business
Setting up complex, effective APIs to work seamlessly with your business isn’t always easy, especially if you don’t have an in-house tech team. On top of that, if you’re paying freelancers for custom development work, the bills can rack up quickly. With the potential cost and complexity, it’s no wonder so many companies stick with old-fashioned processes that often keep them playing catch-up with the competition.
At Venture Motion, we’ve built the LendTech platform to help solve this. Our platform is really easy to use, giving you an intuitive dashboard that allows you to integrate a range of automation apps into your systems, allowing users to be approved or declined for your services almost instantly.
To integrate open banking into your business offering, simply click the button below to start building your own automation platform for your business.