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ARTICLE · 24 MAY 2023

Open Banking And The Future Of Fintech

Ankura Consulting Group LLC
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Open banking is transforming the financial services industry by providing greater access to customer data and fostering innovation in fintech. This rapid evolution, however...

United StatesTechnology
Ankura Consulting Group LLC
Ankura Consulting Group LLC

Open banking is transforming the financial services industry by providing greater access to customer data and fostering innovation in fintech. This rapid evolution, however, has raised numerous legal concerns that must be addressed to ensure the continued growth and stability of the sector. This article offers unique insights, examples, and techniques on the legal considerations for open banking and the future of fintech, shedding light on the importance of regulatory compliance in a swiftly changing industry.

Open Banking: A Brief Overview

Open banking refers to the practice of sharing financial data electronically, securely, and with customer consent, between authorized financial institutions and third-party providers (TPPs). Enabled by application programming interfaces (APIs), open banking fosters competition, innovation, and consumer choice in financial services.

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