Ring out the old, ring in the new

The very idea of sharing banking data could set alarm bells ringing in the minds of many ordinary consumers in terms of security and privacy. As a result, the use of APIs in banking has largely been limited. However, Open Banking really ramped up this year and will give the European banking industry the shake up it needs in the coming year.
The benefits of sharing this data, which gained real traction this year due to PSD2 – with customer consent – greatly outweigh the risks as it will help increase transparency, competitiveness and foster innovation that should ultimately benefit consumers.

Sourced through Scoop.it from: www.finextra.com

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