This study examines the recent evolution of competition in the financial services sector in Latin America and the Caribbean (LAC), focusing on the rise of Fintechs and the emergence of a pro-competitive regulatory framework. This evolution results from a symbiosis of positive feedback between technology and regulation, which reinforce and balance each other in shaping…
Leading magazine Global Finance, which specializes in financial markets and investment banking, has hailed BBVA’s outstanding range of products and services for enterprise customers as the most innovative in Spain. The awards panel, made up of editors of the magazine itself and members of technology consulting firm Infosys, were impressed with the bank’s innovation strategy,…
Kwami Ahiabenu Open banking is breaking down the walls of silos within the financial sector. Historically, banking was designed to be conservative and highly compartmentalised to safeguard funds and maintain customer trust. Over time, technological advancement has radically transformed banking into an open field characterized by multiple innovations. Today, banks are competing…
The Australian Banking Association (ABA) has unveiled the findings of a strategic review into the progress of the country’s Consumer Data Right (CDR) initiative, four years after its initial implementation. Key Findings At the end of 2023, 0.31% of bank customers had an active data sharing arrangement. This compares unfavourably with consumer adoption of other…
Nearly one-fifth (19%) of UK consumers intend to increase their adoption of Open Banking payments over the next five years, meaning it will outpace other forms of payment method, according to new research. The study by emerchantpay, conducted among more than 2,000 UK consumers, found that cards continue to be the main payment method of…
In the ever-shifting finance landscape, regulatory frameworks are pivotal in shaping the industry’s direction. Regarding open banking, this is truer than ever as financial solutions and customer expectations continue to become more dynamic, challenging, and technology focused. At EBAday 2024, the past, present, and future of finance and payments will be on the discussion table.…
The Open Banking Solutions Market will grow internationally in the future due to changing rules, more cooperation, and integration with cutting-edge technologies. In order to promote financial inclusion, prioritise security and trust, and concentrate on customer-centric solutions, broader use cases, and improved data analytics, it will push ongoing innovation in the financial services sector. The…
Global payments-as-a-service specialist, Network International, advocates for a collaborative mindset to unlock the untapped potential of open banking in South Africa. While the benefits of open banking have been globally acknowledged, the approach towards it varies, with some regions adopting regulatory-led strategies. In the UK and EU, a regulatory-led approach has proven successful, creating jobs…