The term "open bankingâ? defines a special kind of financial ecosystem that involves special security protocols, application interfaces, and stakeholder guidelines to provide enriched customer choices and experiences. An open banking ecosystem can provide more information and options to individuals and small to mid-size businesses. With open banking, the transfer of money and information between financial institutions and any other entity choosing to participate in the financial ecosystem is much easier than conventional banking. Open banking also opens the door to new entries into the financial business sector.1 But because open requires exposing more user information to all participating entities, trust will be an important requirement for its success. In this article, we introduce five trust considerations needed for open banking to be successful around the world.
All Science Journal Classification (ASJC) codes
- Hardware and Architecture
- Computer Science Applications