LOWERING THE DRAWBRIDGE: Open banking presents growing opportunities - and risks - for community banks.
In: Bank Beat Biz, Jg. 209 (2024-03-01), Heft 3, S. 20-23
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Zugriff:
Open banking, which allows customers to access and use their banking data, is both an opportunity and a risk for community banks. While some banks are embracing open banking to attract customers and offer more services, others are cautious due to the lack of regulations governing fintechs. Change management and understanding the importance of open banking transactions are crucial for community banks. The article emphasizes the need for careful evaluation of vendor management policies, strengthening security measures, and considering the potential benefits and risks of open banking. It also highlights the regulatory environment and the importance of data security and compliance. The article concludes by mentioning the potential growth of global open banking payment transactions and the need to address consumer concerns about data sharing for open banking to reach its full potential. INSET: Open banking's regulatory environment. [Extracted from the article]
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LOWERING THE DRAWBRIDGE: Open banking presents growing opportunities - and risks - for community banks.
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Autor/in / Beteiligte Person: | Wilmes, Sam |
Zeitschrift: | Bank Beat Biz, Jg. 209 (2024-03-01), Heft 3, S. 20-23 |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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