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Many people wonder whether the innovation and openness brought about by open banking will reduce the gap between bankarized and non-bankarized people. These three articles address this issue:
Why we need to use Open Banking for good
Nesta, a consulting firm specializing in social economy, points out that around 16 million British people have less than 100 pounds in their accounts and those that do not even have a bank account end up paying almost 1300 pounds a year in fees and commissions because their payments are not made within the banking system. As a solution, it suggests and run challenges for ideas with other financial institutions that wish to stop this situation.
Financial inclusion and open banking
Finextra‘s collaborator Ambrish Parmar welcomes open banking and its regulations but wonders whether it is actually doing something for financial inclusion. Does PSD2 commit to financial inclusion? Is there any project on the horizon, based on artificial intelligence and machine learning, which strives to tackle this problem?
Fintech startups determined to promote financial inclusion (article in Spanish)
Almost as a response to the previous article, this post on BBVA.com talks about fintech startups focusing on this major issue. In its various editions, BBVA Open Talent has given recognition to several companies whose business models are geared toward facilitating access to banking services to those who have yet no access. In fact, in 2018 one of the Fintech Business Awards categories was precisely dedicated to financial inclusion. The prize was given to the startup Millas para el Retiro.
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Traditional banks are making the commitment to BaaS models, open banking is driving digital financial services, regulatory bodies are increasing scrutiny when it comes to BaaS providers, the banking ecosystem is rapidly changing and increased competition and regulatory pressures are expected in the BaaS sector. The State of Banking-as-a-Service (BaaS) is a report prepared by […]
Open finance is expected to be regulated over the next few years, leading to a new open data ecosystem Open finance is making its way into the legal system through the consolidation of several initiatives that will lend it legal protection. Once this is complete, customers will have an open finance framework that protects their data […]
Digital banking or electronic banking is the future of the banking sector, with more and more functionalities and possibilities Digital banking, the virtual and infrastructure transformation of banking telecommunications, is increasingly used. Its ubiquity, accessibility, speed, availability, security and the diversity of available functionalities have clearly attracted users. What is digital banking? What are its […]
