O
p e n banking is just one example of how the
banking world has changed in recent years. It has
fast become a vital component of how a modern
bank needs to behave in order to meet the needs of
today's banking customer. And unless they adapt quickly
to reach basic capabilities such as digital identity services
and KYC process automation, banks will be unable to
offer their customers the latest added value financial
services use cases.
However, offering best-in-class open banking or open
finance use cases is easier said than done. To do so,
banks need to ensure that they are open banking
compliant, and that they have the security infrastructure
in place to protect customer data.
By leveraging data taken from our 2021 digital banking
experience report – conducted with Sopra Steria
and Forrester Consulting – we look at how banks are
increasingly adopting open banking practices, as well
as steps they're taking (or, at least, planning to take) to
remain secure and compliant.
SECURITY
AND
COMPLIANCE
IN OPEN
BANKING
W H I T E P A P E R
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