Open banking, which has been implemented in the U.K., involves sharing customers’ financial information electronically and securely, but only under conditions that customers approve.
Open banking forces lenders to offer a digital "fire hose" of data that any third party can use to get standardised access — provided the startup is registered with the UK Financial Conduct Authority (FCA) and the customer agrees to share their data.
This system has already taken root in the U.K., but it could soon spread to the rest of the world. That’s why Business Insider Intelligence has put together a report called Open Banking 101: How Financial Institutions Can Take Advantage of a Global Movement to Collaborate with Partners and Developers.
The report offers a look inside how this spreading movement is forcing banks to change their business models. It also walks through one specific bank as an illustration of how open banking is transforming the way financial institutions do business.
You can receive a FREE download of this report simply by entering your email address!
As an added bonus, you’ll receive a free preview of our Banking Pro Briefing.
See Also:
- Australian neobank Judo secures $247 million in Series B funding
- The Federal Reserve is preparing to launch a new service to compete in the real-time payments space
- The Fed’s new real-time payments service could help small banks but hurt big ones
Source: Business Insider – feedback@businessinsider.com (Business Insider Intelligence)