The Government today clarified that banks would remain open and banking activity would continue unimpeded in the first week of September.
The biggest challenge posed by open banking is not technological or regulatory, but organisational. Business models, commercial strategies and operational practices must evolve.
Open banking gives consumers the power to better manage and share their financial data with third parties. But the introduction of open banking isn’t the end point.
» Open banking: Endless opportunities for HK financial sector On the pulse…
Amongst rushed efforts to meet regulatory obligations and deadlines in the UK, consumer education was neglected and adoption slow. Research from Experian showed it was clear half of Brits surveyed didn’t believe there was any benefit to them in sharing their current account information.
UK-based financial services consultant Altus has issued a survey revealing a higher rate of openness towards open banking among the young generation.
We need to take into account the increased risk of cybersecurity breaches when considering the design of the open banking regime, writes Nicole Buisson of Xero…
Europe made the first steps toward open banking with open banking regulations in the UK and PSD2 for the European Union. As a first mover, the EU introduced PSD2 to increase competition in a payments sector dominated by a few big payment service providers and credit card schemes. Taking Europe as a blueprint, other jurisdictions are now using open banking as an accelerator to meet their own specific goals.
Open Banking, as a concept could be considered as a subspecies to the Open Innovation concept, a term promoted by Henry Chesbrough.