The number of new, innovative services is increasing through the use of open banking
The rapid development of modern financial technologies is unlocking new opportunities, offering consumers simpler, faster, and more personalized services.
One of the key directions in this evolution is the creation and development of an open banking ecosystem, which encourages competition, supports the creation of financial products, and improves access to financial services for consumers.
Open banking in Georgia represents not only a new standard for the digitalization of financial services, but also a platform for developing innovation. For the private sector, it Opens the window of opportunities - including customized credit solutions, simplified remote identity verification, and data-driven personalized financial services.
It is important to note that in recent times Georgia is actively following this global trend, and the number of new, innovative services increased using open banking, key examples include:
- Integration of Open Banking into Public Services - In collaboration with the Revenue Service of Georgia, open banking now enables users to initiate payments directly from their internet banking or financial application. This simplifies the tax payment process, enhances transparency, and saves users time.
- Silk Bank and Silknet’s Joint Innovative Product - Through the MySilknet application, users can now access a fully remote, simplified loan application process that takes only a few minutes. The credit application leverages open banking capabilities and utilizes assessment algorithms based on alternative data sources.
Such an approach is based on best international practices that work well in developed countries, such as the United Kingdom, where open banking is widely used across both commercial and public sectors. Tax obligations can be settled within seconds, while the Financial innovations are adopted with greater speed and efficiency.
Georgia is also actively engaged in the global development trend. The National Bank consistently supports the introduction of innovative services. The development of open banking and the promotion of new technological solutions represent an important strategic direction for the NBG, which will ultimately lead the country’s financial sector into a new, digital era.
