Regulators introduced Open Banking to break the monopoly that banks have on customer financial data, and enable and encourage a competitive eco-system of FinTech companies to try to better understand customers and offer more compelling services.
However, the problem with Open Banking is that it provides access to customer data. Any sensitive data that is shared through Open Banking is revealed to a third party app developer, and they are able to store it, process it and continue to retrieve it for up to 90 days.
The spreading of sensitive data is never a good thing. Having our sensitive banking data collected and stored by additional organizations, even with our consent, increases the risk of theft and fraud.
This webinar will dive into this issue in detail and consider the following questions: