Banks Struggle with Open Banking Security Concerns

Banks have historically been the guardians of customer information, but that has started to change with open banking; opening up information to third parties via customers has led banks to think more and more about security breaches; Now it’s not just about building a wall and not letting anyone in,” said Ram Bose, global retail banking consulting leader at Genpact, to TearSheet. “It’s about building a filter or strainer that lets some things in or out and not other things.”; the UK has regulations that mandate the sharing of info but the US has only set out standards and banks have been doing one off deals; new technologies like AI and machine learning can help to better secure agreements when banks are working with 20 or more potential partners; it is early days but banks can help to set up the standards they use by working together with fintechs and regulators. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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