“What is Open Banking? It basically is creating a Data Architecture where a network of institutions can share the data through APIs (Application Programming Interfaces). The data architecture is used to create guidelines on how customer data can be created, structurally stored and securely accessed.”
- ‘We wanted to make sure we had as much data as we possibly could – both the actual data, the metadata, the ability to associate third-party data, the ability to utilise open banking data when that turns up – and augment our data with that.’
- ‘In the data space, we knew there was an AI future ahead of us. The Judo business model is about judgement-based lending into the SME sector.'”
Mastercard Launches Open Banking Platform To Further API Standards
- “Open Banking, which launched in the U.K. in early 2018, depends on open application programming interfaces (APIs), which allow trusted third-party developers to build services for financial institutions.
- the new Mastercard offering is designed to support Open Banking efforts in four areas: connectivity, security and compliance, dispute resolution and consulting services.”
How Open Banking & AI Can Drive Innovation In The Finance Sector In India
- “There was one more proposal published by Niti Aayog…to end Data Monopoly and make data available to all, in other words, move the financial system towards Open Banking
- India has more than a thousand fintech firms…around $73 billion worth of transactions in 2020 which corresponds to more than 20% growth rate”
- “What if the combination of open banking connectivity, artificial intelligence (AI) and 5G bandwidth replaces broad banking generalizations with tailored, highly personalized, consistently value-adding and truly delightful digital interactions?
- Accenture polled almost 800 banking executives across 27 countries. Banking is traditionally a conservative business, yet 96% of banking executives say the pace of innovation in their companies has quickened over the past three years.”