Open banking, which has been implemented in the U.K., involves sharing customers’ financial information electronically and securely, but only under conditions that customers approve.
Open banking forces lenders to offer a digital “fire hose” of data that any third party can use to get standardised access — provided the startup is registered with the UK Financial Conduct Authority (FCA) and the customer agrees to share their data.
This system has already taken root in the U.K., but it could soon spread to the rest of the world. That’s why Business Insider Intelligence has put together a report called Open Banking 101: How Financial Institutions Can Take Advantage of a Global Movement to Collaborate with Partners and Developers.
The report offers a look inside how this spreading movement is forcing banks to change their business models. It also walks through one specific bank as an illustration of how open banking is transforming the way financial institutions do business.
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As an added bonus, you’ll receive a free preview of our Banking Pro Briefing.