A trip into the mind of Wajdi

  Open Banking 101: from a costumer’s perspective Following the first part of this article series about Open Banking, this second part is built a little bit different. We have seen in the previous part a straightforward definition of the concept of Open Banking, the regulatory background and it’s expansion and development throughout the world. I’ve wanted for the second part to focus on the advantages of Open Banking from a customer’s perspective.  It’s true that most of the public content online about Open Banking generally discusses this innovation from a bank or a fintech point of view, and usually it doesn’t present any arguments or explanation for the average person who will come across an account aggregation request without necessarily knowing what is that. So why would an “average joe” accept to share personal banking information with a third-party company? Below are 4 major advantages to switch to an Open Banking costumer experience. Enjoy the illustrations ! So what’...

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 ...