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Digital Onboarding, Security, and the Open Banking Opportunity

– Forbes

  • Viewpoint
  • Posted by Good ID team (Good ID)
  • Via Zac Cohen (Forbes)
  • 15 July 2021

Open banking has the potential to be the next big digital industry

Open banking with its opportunities for innovation, greater efficiency, and creative disruption could be revolutionary for the API (application, programming, interface) economy. However, there are many concerns regarding the security and privacy of the highly personal and sensitive data that it involves.

"Open banking deserves to be the way of the future, but fintech companies and their partners must work hard to see its promise come to fruition. Onboarding, data privacy, and security are the three pillars that will allow open banking to continue to change the world."

This viewpoint lays out some of the considerations fintech companies must consider when mobilizing into open banking, including the winning of user trust with secure digital identities that will allow individuals to access the services.

We’re on the cusp of an epochal transformation in financial services. The map of the financial landscape is being redrawn, and it’s essential that we stay flexible as we prepare for the changes to come

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