Скачать или смотреть Open Banking: the future of our data

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What is open banking?
⚠️ Open banking is the practice of enabling secure interoperability in the banking industry by allowing third-party payment service and other financial service providers to access banking transactions and other data from banks and financial institutions. Third-party organizations are able to access the data through the use of application programming interfaces, or APIs. As the global economy continues to evolve, open banking is becoming more popular, because it allows for faster, more secure transactions anywhere in the world and it gives consumers more opportunities, through the use of third parties, to manage their finances. Open banking is enabled by a series of technologies, regulations, and services that aim to allow developers to create new banking services, new banking business models, and new commerce capabilities

Why open banking appeared in our daily lives?
⚠️ Open Banking was introduced to increase competition and speed up innovation within the market! It will essentially cut out the middleman and third-party providers can assist you in the saving and borrowing of money, in a supposedly simpler way

⚠️ Is open banking safe?
With great opportunities for fintech and customers alike, open banking amplifies the risk of data breaches, as customers’ personal financial information now sits not only within banks’ databases but is also available for third parties. Because a lot of breaches happen due to human error, it is suggested to get rid of things such as usernames, passwords, and SMS-based two-factor authentication (2FA) because these are security hazards that people can trip over. Open banking might be brilliant in terms of what it provides, but it is a big concern for banks, customers, and businesses.


0:00 Intro
0:24 What is Open Banking?
1:09 Risks to our personal data
3:34 Bottom line


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