October 25, 2022 – The emergence of open banking has spurred something of a revolution in fintech firms, rapidly increased innovation in the financial sector, and produced new collaborative opportunities between banks and vendors underlined by improved customer experiences. However, advances in open banking—and, by extension, open finance—have in many instances compromised security and enabled novel forms of fraud that exploit data sharing and API capabilities.
In light of the rapid transformations brought on by data sharing, this report convenes high-level analysis of open banking across varied areas of practice. It leverages prior Aite-Novarica Group research, survey data, and each author’s extensive knowledge of the market.
This 36-page Impact Report contains 14 figures and one table. Clients of Aite-Novarica Group’s Wealth Management, Commercial Banking & Payments, Retail Banking & Payments, Cybersecurity, or Fraud & AML service can download this report and the corresponding charts.
This report mentions Mint and Plaid.