Open Banking, Security, APIs & Mobile Apps [extract]
Open Banking, Security & Mobile Apps
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Open banking was born in the EU and has grown in the UK, and is now spreading around the globe, including the US. Open banking differs from traditional banking by emphasising data sharing, competition, and customer empowerment within the financial services industry. This is essentially Fintech a sectort which is highly targeted by criminal actors.
Open banking aims to improve transparency, enhance customer experiences, and drive the development of more personalised financial products and services.
There are two fundamental government approaches to this market: regulation or market forces. Europe has a strong inclination for regulation, while the US tends to let the market shape itself.
(Full article length: 3,000 words)
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