Open banking: a revolution in the Tech-Fin industry. (31st March 2022)

• Record Type: Journal Article
• Authors: Gogia, Jyoti; Chakraborty, Debasis
• Is Part Of: International journal of electronic banking. Volume 3:Number 2(2021)
• Page Start: 100
• Page End: 120
• Publication Date: 2022-03-31
• Subjects: open banking -- payment processing -- secure technology -- Fintech -- Techfin -- strong customer authentication -- SCA -- transaction data -- PSD2 -- data sharing -- authoritative countries -- jurisdictions -- SME lending -- collaboration -- credit score -- personal data; Internet banking -- Periodicals; Electronic funds transfers -- Periodicals; 332.1702854678
• Languages: English
• ISSNs: 1753-5239

Abstract

'Open banking' is a cutting-edge technology that has transformed the banking sector, with a promise of information security. It acts as a conduit between fintech and traditional banks. Fintechs are financial-technology companies, leveraging 'digital' to enhance their business. Although a relatively old concept, fintech firms have picked up popularity in the recent past. However, fintech firms are now facing intense competition from tech firms. This study demonstrates how the collaboration of traditional banks and fintech firms will lower the impact caused by techfin giants in financial markets. Open banking has the facility to revolutionise the method we tend to move, manage and build additional cash. Open banking may be a new, secure method for customers and little businesses to share information, permit new and existing firms to supply super-fast payment ways and innovative banking merchandise.