About the author Lalit Kumar Chief Manager (Faculty) MBA, CAIIB and presently working as Member of Faculty with Union Bank of India, Zonal Learning Centre, Lucknow.
Introduction to open banking
This model is designed to create a more transparent and customer-centric banking experience by allowing customers to share their financial data with other authorized providers of their choice.
The concept of open banking is not new and has been in the works for many years. It emerged as a response to the growing demand for more personalized and convenient financial services. In fact, open banking has its roots in the European Union's Revised Payment Service Directive (PSD2), which was adopted in 2015 and went into effect in 2018. PSD2 mandated that banks must open-up access to their customers' data to third-party providers, such as fintech companies, in a secure and standardized manner.
Since then, open banking has gained momentum around the world as more and more countries have implemented similar regulations and standards. In the UK, for example, the Competition and Markets Authority (CMA) introduced its Open Banking initiative in 2018, requiring nine of the country's largest banks to open up access to their customer data through APIs. Other countries, including Australia, Canada, and Singapore, have also implemented or are in the process of implementing open banking regulations.
Diese Geschichte stammt aus der December 2023-Ausgabe von BANKING FINANCE.
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Diese Geschichte stammt aus der December 2023-Ausgabe von BANKING FINANCE.
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'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
