Focusing on individual use cases for open banking risks material small business productivity gains. We often hear of the one-off open banking use cases for individuals: sharing data with a broker to secure a home loan or comparing banking products to find the most competitive rate, for example. Designing open banking with these consumer processes as the primary open banking use case risks the viability of sharing data for extended periods of time.
Open banking is incredibly important for small businesses, especially small businesses operating on thin profit margins. Being able to securely share transaction data with accounting software via open banking means small businesses can understand their financial position in close to real-time. Visibility of looming cash challenges means small businesses can proactively assess and manage their options. Small businesses should be central to the development of open banking regulation.
