Forbes / Rodger Desai / October 5, 2021
In July, the White House issued an executive order asking the CFPB to work on rules for secure data sharing between consumers and banks. The order intends to promote healthy competition in financial services, enabling consumers with better choices and improving security in financial data exchange. While data sharing using legacy methods has been prevalent in the U.S. banking and fintech sectors, this order could pave the way for a formalized rollout of open banking in the country, driven by common technical standards and governance.
Global consumer adoption of open banking is expected to grow fast in the next three years. Estimates predict an annual growth rate of 50% from about 25 million users worldwide to over 132 million users by 2024…
Read more: https://www.forbes.com/sites/forbestechcouncil/2021/10/05/why-security-and-digital-trust-are-the-key-to-open-bankings-success/?sh=102d3fd3128a