#Financial service regulators in the decade ahead will focus on #smarter rule instead of just demanding #more data, predicted PJ Di Giammarino, CEO at JWG, a regulatory think tank in London.
Financial Technology
Data privacy regs in Europe provide standards for #banks and #FinTech to share data, with a customer’s consent, so they can offer tailored solutions.
Financial Technology
Taking Europe as a blueprint, other jurisdictions are now using #Open #Banking as an accelerator to meet their own specific goals, which include increasing competition, reducing costs, fostering innovation and addressing consumer rights.
In some cases, the regulations are moderate and favor the banking industry, while others more aggressively favor competition, which could potentially threaten #banks’ existing business models and revenues.
As Open Banking rolls out worldwide, regulators are watching developments closely to learn best practices and implement a regime that will best meet their goals. However, too much regulation could threaten banks’ revenues and jeopardize their financial stability—which is not in regulators’ interests.
The art of Open Banking regulation is in finding the right balance between regulation and market dynamics. Banks in both regulated and unregulated markets should join forces now to take the lead in self-regulating rather being forced to act.
Read my complete article at Finextra for more insights and share your views.
Accenture at Sibos
We’ll be discussing Open Banking and other topics at Sibos. Come see us at our booth and join us in the conversation around enabling the digital economy. Keep up to date on all the latest from us around Sibos right here on the blog.
The post The art of Open Banking regulation appeared first on Accenture Banking Blog.
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Financial Technology
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