To promote a healthy, competitive marketplace within the financial services industry, Open Banking empowers consumers and small businesses to access new products and services, greater inclusivity to their financial data and decisions, and control over granting access to their financial data with third parties of their choosing.
Enabling consumers to securely share their financial data requires that financial institutions and fintech companies adhere to financial-grade identity standards, user data privacy and consent obligations, and standards-based application development/APIs, and data exchange authorization practices.
Watch Senior Industry Analyst, Carla Roncato from Enterprise Strategy Group, as she discusses:
- Key use cases that Open Banking can unlock for consumers and fintech service providers
- What standards and best practices influence architecting, developing, and securing new products and services
- Which protocols and technologies considerations are core to Open Banking security
- How consumers and institutions are better protected from fraud and financial crime with secure Open Banking