Fintech Insider Podcast by 11:FS
816. Insights: The current state of open banking
Jan 11, 2024
Guests Kiaan Pillay and Andrew Escobar discuss the current state of open banking and its impact on financial services. They explore the benefits of open banking, such as personal finance apps and simplified payments. The podcast also examines the regulation of open banking in different countries, highlighting the progress and challenges faced. The speakers emphasize the role of open banking in fostering competition, innovation, and customer-centric experiences.
51:05
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Quick takeaways
- Open Banking allows financial institutions to share data, providing customers with the ability to securely share personal financial information and access a wide range of products and services from personal finance apps to seamless payments.
- Understanding the progress and current state of Open Banking globally is crucial, with some countries having established frameworks, others in the process of creating regulations, and some lagging behind. Striking the right balance between regulation and innovation is key to driving positive changes in the industry.
Deep dives
Open Banking enables secure sharing of personal financial information
Open Banking allows financial institutions to share data, providing customers with the ability to securely share personal financial information. This enhances the availability of products and services that can help customers manage their finances more effectively. For example, personal finance apps can assist individuals in tracking spending habits, managing their finances, and accessing financial services all in one place. Additionally, the ability to access credit history from different financial service providers allows lenders to better evaluate the borrowing power of applicants. Open Banking also plays a crucial role in facilitating seamless payments and eliminating the need to manually input bank details.
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