Tag: open banking

Open banking and open finance are buzzwords in the financial sector that have been sparking curiosity. They are frameworks that allow authorised third-party providers (companies or services that offer financial products/services to consumers) to access financial data from banks and other institutions via secure application programming interfaces (APIs).

Recent research into the South African payments industry has revealed that there is a clear trajectory towards the adoption of electronic payments. This transition not only reflects evolving consumer preferences but also presents promising opportunities for all stakeholders within the ecosystem.

A new report provides an overview of the financial technology (fintech) regulatory frameworks of 39 jurisdictions across Africa, Asia Pacific, Europe, North America and South America. The report, titled Fintech: how is the world shaping the financial innovation industry?, addresses how different regulators around the world are dealing with the application of technology and innovation to banking and financial services as well as society’s present concerns.

Every South African should care about open banking. It would give consumers more control over their financial data and empower them to use the banking services that best meet their needs. Open banking promises to reinvent the way consumers view and interact with financial products and services.

The digital transformation of business and society has found fertile ground with early promise for the super-app model, specifically in the Middle East and Africa, even as mobile digital platforms continue to offer proprietary and third-party functions under a single brand.

Increased shareholder value and better customer benefits could be generated with the adoption of seven set-piece plays, according to a new report on the digitalisation of South Africa’s banking and financial services.

In an environment where everything is changing - the way we work, travel, meet and shop - the world of credit is adapting quickly. The pandemic isn’t the sole cause of this, as fintechs have been upending traditional banking models for years. Here’s what we see for next year.

The future leaders in auto and equipment finance will be those who make strategic investments in digital transformation, platform modernisation and capability development to attract a new kind of customer and stay competitive in a rapidly evolving industry.

The concept of open banking is forcing banks to reconsider the way they think about financial services and is poised to reshape banking as it’s understood today. Realising that this is the new frontier of banking, we are far advanced in our research into open banking, including its challenges and the opportunities it presents.

Kele Boakgomo | Managing Director: Financial Services Practice | Accenture South Africa | mail me  |  The banking industry continues to experience disruption - by...