Article: Open Banking: What It Means for Your Privacy and Convenience

Money, Open Governance

Open Banking: What It Means for Your Privacy and Convenience

At this point in your life as a consumer, you’re accustomed to having less privacy than you used to. Technology makes your life easier in myriad ways, but also far less private.

Your financial life is no exception. In the fintech industry, where financial services intersect with technology, new products roll out all the time — from robo-advisors that oversee your investment portfolios for nominal fees to third-party payment services like PayPal, Venmo and Zelle. Open banking is one of the trends making such innovation possible.

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Article: What’s next for Open Banking?

Money, Open Governance

What’s next for Open Banking?

Appetite for “Open Banking”, where consumers allow third-party providers to use the financial information held by their bank to inform new products, is growing; Progress in the sector differs by region, but demand for and use of Open Banking services has been further expedited by the COVID-19 pandemic;

To make Open Banking successful and sustainable, however, more banks need to embrace an end-to-end digital architecture. In recent years, technology has facilitated a progressive opening up of the banking industry. It has ushered in an era of collaboration not just competition between incumbent banks and fintech.

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