In recent months open banking has gained serious traction and customers are no longer hesitant to embrace it. With the long-term debate surrounding open banking seemingly settled, a handful of RegTech industry experts gave their views on the growth of the offering.
But what exactly is open banking? In simple terms, it is a financial concept that empowers individuals to securely share their banking data with third-party providers via application programming interfaces (APIs).
This enables customers to access a broader array of financial services and products from various institutions, fostering competition and innovation within the banking sector.
Hetal Popat, Programme Director and Head, Open Banking and PSD2, for HSBC UK gave his view on the potential of the promising space, opening up the lid on the rising figures for the space.
He said, “I would say it has taken off. If I look across HSBC’s 13 countries in Europe all with various different types of open banking implementation we are seeing more than 2m calls a day being handled by our platforms. By the end of the year, we will have a run-rate of more than €500m a year of payments. We’re also trending up above 300 thousand customers who are using open banking and that’s growing roughly 15-20% per month.”
But is the sector keeping pace with the lofty ambitions set forth by experts?
To find out, and listen to the whole presentation, enrol in the Professional RegTech Certificate.
About the Professional RegTech Certificate
The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.
The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.
You can enrol here.
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