About this Event
What does Open Banking really mean and what are the opportunities and challenges for broader adoption by Fintechs and banks? In the simplest of terms, Open Banking is really just about data sharing. However, the term and its various interpretations have been embraced by consumer advocates and some fintech providers to represent the path to financial inclusion, financial health, and consumer control over their data. Moreover, the discussion around Open Banking often does not address how data are shared and for what purposes.
On a more technical level, interpretive differences between Open Banking and Banking as a Service (BaaS) APIs are based on how deeply the respective type of API can be embedded, how much of the lifecycle of the exposed banking product is captured by the API, and which lifecycle activities of the banking product happen within the embedded context versus outside of it. Isn’t open banking the same as ‘open bank data’? The trouble with open banking is that it has a great name. After all, who doesn’t want banking to be more open? Banking shouldn’t be closed! It shouldn’t be cumbersome or challenging to navigate. Customers should own their data and they should be able to take it with them wherever they want!
With all of this potential confusion and opportunity in the marketplace, how are Fintechs, legacy and startup banks, consumers and businesses, as well as government regulators including the CFPB, navigating and taking advantage of technological advances to embrace and implement the benefits and potential revenue streams from Open Banking.
This curated NYPAY panel of experts will dive into and discuss their views regarding all of these issues, while highlighting the challenges and rewards of broadening Open Banking to a much larger audience.
With thanks to our sponsor:
Event Venue & Nearby Stays
599 Lexington Avenue, 599 Lexington Avenue, New York, United States
USD 28.52 to USD 39.19
