SAVE CEO on the benefits of open banking amid COVID-19

The COVID-19 pandemic has brought about significant changes in consumer behavior and the financial sector, particularly in the adoption of open banking solutions. With movement restrictions in place, more and more people have turned to digital platforms for their banking needs. One company that has seen a surge in usage during this time is Save, a fintech company that provides open banking solutions. Save's CEO and founder, Shema Steve, shared insights on how the pandemic has accelerated the shift towards digital banking and the benefits of open banking. Shema noted that Save experienced a substantial increase in usage, especially in rural areas, as people sought alternative ways to access financial services during the pandemic. The company's digital platform became a valuable tool for customers who were previously skeptical about digital banking. The convenience and accessibility of open banking solutions have played a crucial role in changing consumer mindset and behavior. Open banking is touted as the future of the finance sector, with its ability to provide inclusive and accessible financial services. Traditional banking methods, which required physical visits to a branch and extensive paperwork, are being replaced by more streamlined and user-friendly processes. By simply using a phone number, customers can access a wide range of financial services, making banking easier and more convenient for everyone. Consumer behavior is shifting towards convenience and simplicity, driving the demand for accessible banking solutions. Save focuses on providing convenience through collective savings schemes, allowing individuals to save and access microcredit easily. The emphasis is on affordability and speed, catering to the evolving needs of modern consumers who value convenience and accessibility in their banking experience. As the financial sector embraces open banking solutions, the issue of data protection becomes crucial. Shema emphasized that customer data belongs to the user, and strict measures should be in place to protect and regulate its usage. Transparency and user control over data are essential aspects that all financial players should prioritize to build trust and ensure customer privacy. Investors are increasingly looking for scalable and innovative solutions in the fintech sector. Save's solid proof of concept and readiness for scale-up has attracted investor interest, signaling a growing appetite for digital banking solutions. The market dynamics are changing rapidly, with digital solutions like open banking gaining traction and reshaping the future of banking globally. In conclusion, the COVID-19 pandemic has acted as a catalyst for the adoption of open banking solutions, driving the financial sector towards digital transformation. With a focus on inclusiveness, convenience, and data protection, open banking is set to revolutionize the way people access and manage their finances. The shift towards digital banking is not just a trend but a transformative force that is reshaping the financial landscape for the better.