The Banking Executive Magazine - Issue 150, June 2021

• Third parties can access banking data securely and in real time using application programming in- terfaces (APIs). • Financial data uses might include analysing customers' accounts and transaction history, aggregating data across participating financial institutions and customers to create marketing profiles, or making new transactions and account changes on customers' behalf. • Customers have more options for managing their money, borrowing, and making payments. ISSUE 150 JUNE 2021 the BANKING EXECUTIVE 9 Figure1: Open Banking Framework (Source: EU Banking Hub)