Why Open is the Future of Banking

The term Open Banking has been in the news for a few years, and what it means is straightforward: the use of open APIs to enable third-party developers to build applications and services around the financial institution, and greater financial transparency options for account holders. The idea behind Open Banking has been creeping into the financial services world for a while, with firms like Mint that pull and aggregate your financial data. But they were doing it through the back door. Open Banking offers front door access to information. But what does it mean for bankers, fintechs, and consumers? What can we learn from the UK, where regulations already require banks to cooperate with authorized third-parties? What will it look like in the US?

Join NYPAY for a drink and lively discussion of this increasingly prominent topic.

 

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