As the 21st century approaches the end of its first quarter, for the self-proclaimed ‘cool kids’ of financial services the new buzzword is ‘open banking’: the system of allowing access and control of consumer banking and financial accounts through third-party applications.
Open banking does not look the same in every country. In the UK and the European Economic Area, it’s driven by a regulatory approach with banks obliged to act and develop the framework for solutions to emerge.
In the US, Singapore and India, it’s driven by a market-led approach, which may lead to greater and faster innovation but inconsistencies in rules and regulations.
We see open banking as a major opportunity to transform financial services. Yes, the same was said for fintech but open banking, in theory, puts the end user in charge if the correct environment is created.
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