Open Banking: Revolutionizing Finance While Raising Security Concerns
Open Banking: Revolutionizing Finance While Raising Security Concerns Open banking is transforming the financial industry by providing consumers with greater control over their financial data. This shift allows fintech companies to access banking information—securely and with permission—to create innovative financial products and services. However, with these advancements come serious concerns about data security, regulatory oversight, and the need for better risk management. According to Financial Post, open banking must adopt stronger risk controls to ensure fintechs keep consumers’ money safe….