Open banking: The future of banking

Categories: Digital TransformationTechnology

Author

Praveen-sumeet

Author

Praveen Jha & Sumeet Gupta

Principal Architect, Technology & Consultant, Engineering

View all Articles

Top Insights

Best practices for selecting a software engineering partner

Best practices for selecting a software engineering partner

SecurityDigital TransformationDevOpsCloudMedia
7 RETAIL TRENDS POWERED BY MOBILE

7 RETAIL TRENDS POWERED BY MOBILE

MobilityConsumer and RetailMedia
My Intro to the Amazing Partnership Between the US Paralympics and the Telecom Industry

My Intro to the Amazing Partnership Between the...

Experience DesignPerspectiveCommunicationsMediaTechnology
Adaptive and Intuitive Design: Disrupting Sports Broadcasting

Adaptive and Intuitive Design: Disrupting Sports Broadcasting

Experience DesignSecurityMobilityDigital TransformationCloudBig Data & AnalyticsMedia

Top Authors

Pragya Sharma

Pragya Sharma

Trainee Software Engineer

Rashmi Shrivastava

Rashmi Shrivastava

Senior Manager, Engineering

Praveen Jha & Sumeet Gupta

Praveen Jha & Sumeet Gupta

Principal Architect, Technology & Consultant, Engineering

Chet Kolley

Chet Kolley

SVP & GM, Medical Technology BU

Rahul Vyas

Rahul Vyas

Consultant, Engineering

Blog Categories

Open banking refers to a practice where financial institutions make certain data and functionalities available to approved third parties through APIs (Application Programming Interfaces).

This allows for the development of new financial products and services, as well as increased competition and innovation in the banking industry. It also enables customers to more easily compare and switch between financial products and services.

Open banking is typically regulated by governments to ensure the security and privacy of customer data.

In this white paper, we’ll look at the concept of Open Banking, how it can help create new business avenues and the steps that a traditional bank needs to follow to transition to Open Banking.

We will also talk about the challenges of Open Banking and provide examples and case studies of successful implementations across different regions.

We also talk about the drivers and forces behind the recent development.

We hope that this white paper will help banks that want to stay competitive in the digital age by explaining the concepts of open banking and providing the implementation details.

 

 

 

 

  • URL copied!