Executive Digital Transformation US

by Safwan Zaheer Head of Digital Banking
Safwan Zaheer is an accomplished Digital Financial Services executive with track-record of launching Digital Banking businesses, shaping business strategies and executing digital banking and FinTech p
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Open Banking is a concept thats been thrown around and prognosticated on for years. With last years European regulation, we expected to see a world of banking interconnectivity, where users data went everywhere they permissioned it.
Anne Boden, the founder and chief executive officer of Starling Bank, told Bloomberg last week: The U.K. still hasnt seen the hockey stick of growth in disruptive new players everybody was predicting.
So, where are we with Open Banking?
Our guest today is Safwan Zaheer, head of the fintech practice for KPMG in the U.S. We talk a lot about Open Banking, where were are today and where we might be headed. We look at whats behind this move of Open Banking and explore popular misconceptions about Open Banking.
What is Open Banking?
Open Banking involves banks opening up their data to third parties with consumer consent. By opening up consumer data, banks allow third parties to build their own applications and services around the data.
Typically, the sharing is done with APIs but theyre not the only way to share data. One misconception in the industry around Open Banking is that banks would share consumer data without proper monitoring and permissions. Thats not the case sharing with the proper monitoring and permissioning is one of the key aspects of Open Banking.
Where is the move toward Open Banking coming from?
In the EU and the UK, theres a mandate driving banks to open up their data to third parties. It started with the PSD2 requirement which asked UK banks to share payment data.
There are two forces behind the push toward Open Banking: the first is customers demanding secure, convenient, and faster access to banking information as part of that information being available for use in other services and applications.
For example, Im a user and want to open up an account with a cryptowallet or payments wallet and I want my bank account information to be accessible to this wallet. That can only be done if the customer data is re

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About Safwan Zaheer Junior   Head of Digital Banking

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Joined APSense since, October 18th, 2019, From Florida, United States.

Created on Oct 22nd 2019 04:57. Viewed 288 times.


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