As the feature video highlights ‘Open Banking‘ has reached the tipping point of mainstream media consciousness.
The term refers as you might expect, to the use of open standards within the banking sector, to encourage and enable better interoperability between the banks, to achieve more integrated consumer services.
Michael Gardner provides this excellent overview, highlighting the challenges and opportunities the trend will present, how banks will need to master better UI strategies and the use of APIs.
Naturally for any new tech trend one of the primary challenges is simply adoption, as you might imagine for traditional, monolith organizations like banks this is no small nor easy transformation to take on. The Telegraph reports how they are coming under fire for not moving quickly enough to do so.
Featured Digital Scot : The ID Co
As they describe they “build products based on (Open) bank data that help businesses onboard their customers by removing friction caused in the application process by current challenges of risk, compliance, fraud and regulation.”
Their Direct ID product offers a range of options, depending on the depth of skills a bank might have and to what degree they want to adopt open banking standards, from a simple hosted page through widgets and the full API.