open banking
Word Rarity
Uncommon
Frequency: Zipf frequency 4.32 in modern English
20
Scrabble Score
11
Letters
2
Syllables
9
Unique Chars
Meaning
noun
Third party API access to a consumer's banking data in order to create new services and products.
Uncountable
Example Sentences
- "It’s the start of a new series of rules concerning “open banking”, where customers will be able to share their personal financial information with companies other than their bank, opening up opportunities to get better deals on mortgages, overdrafts and comparing insurance and broadband deals."
- "“Everyone’s getting very excited about fintech and open banking and all this new technology but the fact is … this actually risks more people being excluded from the financial system,” McAteer said."