Think self-scanning is the summit of supermarket gizmos? Think again. -- "From self-scan checkouts at grocery stores to electronic information kiosks at retail chains, businesses are making technology an ever more central part of the overall shopping experience. IBM, which is investing heavily in shopping computerization, reports that shoppers from different countries across the board are increasingly open to using new in-store technologies. The company says that super-shoppers have become empowered by their ability to access data online, and this ability translates into an extremely knowledgeable consumer base, with specific customer-service needs."
The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ