Title: Open banking: a revolution in the Tech-Fin industry

Authors: Jyoti Gogia; Debasis Chakraborty

Addresses: Fintract Global Limited, NSUT, 71-75, Sheldon Street, Covent Garden, London, WC2h 9JQ, UK ' Fintract Global Limited, 71-75, Sheldon Street, Covent Garden, London, WC2h 9JQ, UK

Abstract: 'Open banking' is a cutting-edge technology that has transformed the banking sector, with a promise of information security. It acts as a conduit between fintech and traditional banks. Fintechs are financial-technology companies, leveraging 'digital' to enhance their business. Although a relatively old concept, fintech firms have picked up popularity in the recent past. However, fintech firms are now facing intense competition from tech firms. This study demonstrates how the collaboration of traditional banks and fintech firms will lower the impact caused by techfin giants in financial markets. Open banking has the facility to revolutionise the method we tend to move, manage and build additional cash. Open banking may be a new, secure method for customers and little businesses to share information, permit new and existing firms to supply super-fast payment ways and innovative banking merchandise.

Keywords: open banking; payment processing; secure technology; Fintech; Techfin; strong customer authentication; SCA; transaction data; PSD2; data sharing; authoritative countries; jurisdictions; SME lending; collaboration; credit score; personal data.

DOI: 10.1504/IJEBANK.2022.122224

International Journal of Electronic Banking, 2022 Vol.3 No.2, pp.100 - 120

Received: 27 Jan 2021
Accepted: 29 Nov 2021
Published online: 12 Apr 2022 *