🚀 🚀 🚀 Embracing Innovation🚀 🚀🚀
🏦**Canada's Leap into Open Banking**🏦
The proposed open banking system promises to revolutionize our interaction with financial services. Imagine having personalized financial advice, innovative budgeting tools, and seamless management of your finances at your fingertips. 📲
As we stand on the brink of this transformation, it's crucial to stay informed and prepared. Let's discuss how open banking can empower us as consumers and the steps we need to ensure our data remains secure. 💼🔒
https://lnkd.in/gTXdwZmg#OpenBankingCanada#FinancialRevolution#ConsumerEmpowerment#DataSecurity#Innovation#Fintech
By 2024, Open banking will revolutionize money management with unprecedented control. APIs securely connect accounts for consolidated views, personalized services, and lower costs. The global rise of Open Banking, projecting 2 billion users by 2024, reshapes finance—embrace flexibility, control, and tailored solutions.
🔗 Read more here: https://lnkd.in/d5HTGKga#OpenBanking#Fintech#FinanceRevolution
We're excited to announce that our Digital Platform has been named a 2024 Banking Tech Awards USA finalist in the “Best Embedded Finance Solution” and “Best Community Bank/Credit Union Modernization” categories.
The Banking Tech Awards USA program, produced by FinTech Futures celebrates the nation’s financial services sector and the outstanding achievements and successes this past year.
🔗Read the full release to learn more:
#digitalbanking#innovation#digitaltransformation
Banking is changing. Digital wallet transactions are set to exceed $16 trillion by 2028, potentially overtaking credit cards as the primary method for online transactions. The mobile banking industry has grown rapidly in the past 15 years, mainly due to the increased presence of digital devices in our everyday lives but also due to the technologies' ability to empower individuals and communities worldwide to become financially literate.
🚀 Embracing the wave of Open Banking!
In recent months, customers have warmly welcomed this transformative financial concept. #openbanking empowers individuals to securely share their banking data via #apis, unlocking access to diverse financial services and fostering competition.
Hetal Popat from HSBC UK sheds light on the sector's growth, revealing over 2 million daily calls handled by their platforms across 13 European countries. By year-end, they anticipate a run-rate exceeding €500 million annually, with 300k+ customers embracing Open Banking, growing at 15-20% monthly.
But is the sector aligning with ambitious goals? Explore insights in the Professional RegTech Certificate, offering a deep dive into Regulatory Technology for financial professionals.
https://bit.ly/4bGUxY4FinTech Global#OpenBanking#FinTech#banks#financialservices
Exciting developments in Open Banking!
The Open Banking/Open Finance Ecosystem is a burgeoning industry that will be witnessing significant development in the form of regulatory changes across eleven jurisdictions in Q2&Q3 of 2024. This is a great improvement and opens several doors to the Open Banking/Open Finance Ecosystem championed with the potential of disrupting the #financialservices market by making it more open, competitive, and innovative.
Open Banking/Open Finance Ecosystem is one of the ways that enables #TPPs to access the customer financial data through #APIs under the condition of consent. This can enable TPPs to develop a wide range of new financial products and services, such as:
- Personalized financial management tools
- More efficient and cheaper #payment services
- New lending and insurance products
This in turn shows how future regulatory milestones continue to deepen the Open Banking/Open Finance Ecosystem. As illustrated by the following picture, #HongKong, #Colombia, #Brazil, #Chile, and #NewZealand are among those jurisdictions that are preparing for the following forthcoming changes in regulations. Here are some of the potential benefits of the Open Banking/Open Finance Ecosystem:
- The pressure of competition from other service providers could lead to improving the overall value of financial products, due to new and improved offers that could penetrate the market at lower prices.
- The development of more innovative financial products and services
- Greater financial inclusion for underserved populations
Of course, it is also necessary to mention that there are still some possible risks to be considered about the Open Banking concept like data security and privacy. However, the potential benefits are significant, and I am excited to see how the Open Banking/Open Finance Ecosystem develops in the coming years.
Thank you so much PlatformableMEHDI S.Zvonimir FiljakArjun Vir SinghMarcel van OostDavid Jimenez MairelesSam BoboevIgor BabychMaximilian SalomonSaleh ALhammadNicolas PintoArthur Bedel 💳 ♻️#openbanking#openfinance#fintech#financialservices#innovation
The UK stands at a pivotal moment with Open Banking, as 10 million consumers and small businesses are already reaping its benefits.
This achievement highlights the UK's long-standing dedication to fintech innovation.
Open Banking has made it easier for people to access affordable credit, save regularly, and make smarter financial choices, significantly improving financial well-being. However, to fully harness its potential, more work is needed, especially in extending Smart Data initiatives to other sectors.
Here are 4 steps to advance Open Banking:
#OpenBanking#Fintech#Innovation
Are you an "Open Banker"? Chances are if you live in the US, the answer might be "Yes". You may have been authorizing 'screen-scraping' of your banking data for billing or personal finance aggregation purposes - perhaps for a decade or more. Or maybe your business is actively using APIs to consolidate balance or transaction details from multiple bank accounts.
Most of the progress in opening new doors for alternative financial products has occurred over the past five years or so, with significant credit for these developments owed to not just innovators and new technology, but also to regulatory support, at least in Europe. Not so much for the US though, where Open Banking advances have been far more driven by consumer demand. But now that’s about to change. More on the different "flavors" of Open Banking - and how they're beginning to coalesce with new regulations on the horizon in both regions - in our Finextra story:
#openbanking#futureoffinance#consumeroptionshttps://lnkd.in/eXY_XYaQ
Exciting developments in Open Banking!
The Open Banking/Open Finance Ecosystem is a burgeoning industry that will be witnessing significant development in the form of regulatory changes across eleven jurisdictions in Q2&Q3 of 2024. This is a great improvement and opens several doors to the Open Banking/Open Finance Ecosystem championed with the potential of disrupting the #financialservices market by making it more open, competitive, and innovative.
Open Banking/Open Finance Ecosystem is one of the ways that enables #TPPs to access the customer financial data through #APIs under the condition of consent. This can enable TPPs to develop a wide range of new financial products and services, such as:
- Personalized financial management tools
- More efficient and cheaper #payment services
- New lending and insurance products
This in turn shows how future regulatory milestones continue to deepen the Open Banking/Open Finance Ecosystem. As illustrated by the following picture, #HongKong, #Colombia, #Brazil, #Chile, and #NewZealand are among those jurisdictions that are preparing for the following forthcoming changes in regulations. Here are some of the potential benefits of the Open Banking/Open Finance Ecosystem:
- The pressure of competition from other service providers could lead to improving the overall value of financial products, due to new and improved offers that could penetrate the market at lower prices.
- The development of more innovative financial products and services
- Greater financial inclusion for underserved populations
Of course, it is also necessary to mention that there are still some possible risks to be considered about the Open Banking concept like data security and privacy. However, the potential benefits are significant, and I am excited to see how the Open Banking/Open Finance Ecosystem develops in the coming years.
Thank you so much Platformable
MEHDI SARDAOUI Zvonimir Filjak Arjun Vir Singh Marcel van Oost David Jimenez Maireles Sam Boboev Igor Babych Maximilian Salomon Saleh ALhammad Nicolas Pinto Arthur Bedel 💳 ♻️
#openbanking#openfinance#fintech#financialservices#innovation
Exciting developments in Open Banking!
The Open Banking/Open Finance Ecosystem is a burgeoning industry that will be witnessing significant development in the form of regulatory changes across eleven jurisdictions in Q2&Q3 of 2024. This is a great improvement and opens several doors to the Open Banking/Open Finance Ecosystem championed with the potential of disrupting the #financialservices market by making it more open, competitive, and innovative.
Open Banking/Open Finance Ecosystem is one of the ways that enables #TPPs to access the customer financial data through #APIs under the condition of consent. This can enable TPPs to develop a wide range of new financial products and services, such as:
- Personalized financial management tools
- More efficient and cheaper #payment services
- New lending and insurance products
This in turn shows how future regulatory milestones continue to deepen the Open Banking/Open Finance Ecosystem. As illustrated by the following picture, #HongKong, #Colombia, #Brazil, #Chile, and #NewZealand are among those jurisdictions that are preparing for the following forthcoming changes in regulations. Here are some of the potential benefits of the Open Banking/Open Finance Ecosystem:
- The pressure of competition from other service providers could lead to improving the overall value of financial products, due to new and improved offers that could penetrate the market at lower prices.
- The development of more innovative financial products and services
- Greater financial inclusion for underserved populations
Of course, it is also necessary to mention that there are still some possible risks to be considered about the Open Banking concept like data security and privacy. However, the potential benefits are significant, and I am excited to see how the Open Banking/Open Finance Ecosystem develops in the coming years.
Thank you so much PlatformableMEHDI S.Zvonimir FiljakArjun Vir SinghMarcel van OostDavid Jimenez MairelesSam BoboevIgor BabychMaximilian SalomonSaleh ALhammadNicolas PintoArthur Bedel 💳 ♻️#openbanking#openfinance#fintech#financialservices#innovation
Real Estate Broker at HomeLife Landmark Realty Inc., Brokerage
6moIt is about time 🙏🎉