Open Banking: BABB attends the FinTech Alliance.
Yesterday at the FinTech Alliance event at Level 39 based in the Canary Wharf financial district, the COO of BABB Dr. Demetrios Zamboglou discussed with Mr. Badal Malick from the Institute for Financial Management and Research the benefits and advantages of Open Banking technology and how this is impacting financial institutions worldwide today.
Why is this important?
Open Banking allows control of your data and in a way that borders on decentralisation. It allows stricter control of who has access to your data, it allows you to share and access financial information and services on the fly, without the need to create new accounts or transfer any funds.
Open Banking relies on APIs to move data between different interconnected financial institutions and it ultimately forces larger financial institutions to become more competitive and innovative.
How does this concern BABB?
Due to the nature of our product and our core vision of complete user control and financial inclusion for all, Open Banking is a technology which we are interested in working with and ultimately implementing for the benefit of our users.
You might already be using Open Banking. For example, services and apps that allow you to monitor all of your accounts from one place (i.e Mint or Money Dashboard) already rely on Open Banking APIs in order to receive information about your accounts in close to real-time without having access to your funds.
Want to discuss further about Open Banking?
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Disclaimer: BABB is not yet regulated as a bank, but we are applying to become one.
