Open Banking 101 : Leveraging Opportunities & Disruptions
T he banking and financial services industry has undergone a significant transformation due to the rapid advancement in technology and digitalization. This paradigm shift has paved the way for Open Banking, which has revolutionized the way banks and financial institutions operate. The introduction of Open Banking has provided an opportunity for banks to offer enhanced services, leverage customer data in new ways, and drive innovation in financial products and services. Open Banking has brought about a new era of collaboration between traditional banks and fintech startups, and data scientists are playing an essential role in this new landscape. Image by pch.vector on Freepik However, with the opportunities come risks. The sensitive nature of financial data requires banks to ensure the security and privacy of customer information. Therefore, regulatory bodies have implemented guidelines such as the PSD2 (DSP2) to safeguard against potential threats and provide an ...