Open Banking: Is It the Right Choice for Your Small Business?

Small Biz Ahead

Episode Notes

What Is Open Banking? If you go to get a loan from a bank right now, you're sharing your information with that specific bank and it's just between you and that bank that you're applying for. What open banking is, is you agree to share all of your businesses and your personal financial information on sort of an open network. And a lot of banks and lenders can look at that information at one time and they can determine whether or not they would be a good financing option for you.

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