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Acceptance Of Open Banking Technology In Consumer Lending Applications
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Book Synopsis Acceptance of Open-Banking Technology in Consumer Lending Applications by : Thomas Nöding
Download or read book Acceptance of Open-Banking Technology in Consumer Lending Applications written by Thomas Nöding and published by GRIN Verlag. This book was released on 2023-04-28 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2022 in the subject Economics - Finance, grade: 1,0, Karlsruhe Institute of Technology (KIT) (Department of Finance and Banking), language: English, abstract: This master thesis investigates the influencing factors on consumers’ willingness to share their personal and financial information through open-banking technology in different financing and lending scenarios (e-commerce, car financing, and mortgage). To achieve this, a survey-based empirical study was conducted, covering a variety of questions regarding demographic factors as well as measured preferences and stances along the dimensions of tech-savviness, open-banking knowledge, privacy concerns and financial literacy. The analysis of over 143 survey responses shows how these factors influence and explain, to what extent and under which conditions a consumer is willing to let a company digitally take a direct look into his bank account. The gained results and insights provide a basis to define best practices and use cases for scenarios in which open-banking technology can add value to all parties involved. Since January 12th, 2016, the EU's second payment services directive (PSD2) has been in force. A key point within the PSD2 is the obligation of banks to make the information of their customers and their associated bank accounts available to third parties via standardized interfaces. A concept that is widely referred to as open-banking. One major field of application of open-banking technology lies within consumer credit application processes. The main idea is that lenders (financial institutions as well as non-financial / retail companies) can get access to the information contained in bank accounts, such as transaction history and balances, by explicit consent of the consumer. The purpose of this is to make more informed decisions as to whether or not to extend credit to the specific person in scope.
Download or read book Open Banking written by Linda Jeng and published by Oxford University Press. This book was released on 2022-01-07 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Open banking is a silent revolution transforming the banking industry. It is the manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank, but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. Among Basel Committee jurisdictions, at least fifteen jurisdictions have some form of open banking, and this number does not even include the many jurisdictions outside the Basel Committee membership with open banking activities. Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there have been recent policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still a little-known concept among consumers and policymakers in the States. This book defines the concept of 'open banking' and explores key legal, policy, and economic questions raised by open banking.
Book Synopsis Artificial Intelligence in Banking by : Introbooks
Download or read book Artificial Intelligence in Banking written by Introbooks and published by . This book was released on 2020-04-07 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of Artificial Intelligence (AI) and its sub-set technologies. New technologies have enabled incredible progression in the finance industry. Artificial Intelligence (AI) and Machine Learning (ML) have provided the investors and customers with more innovative tools, new types of financial products and a new potential for growth.According to Cathy Bessant (the Chief Operations and Technology Officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, "In a world focused on using AI in new ways, we're focused on using it wisely and responsibly."
Download or read book Banking on Data written by Scott Farrell and published by Kluwer Law International B.V.. This book was released on 2023-03-09 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Banking and Finance Law Series, Volume 37 Despite open banking’s broad emergence in a variety of jurisdictions and the ambition shared for the benefits it is to deliver, there is a distinct lack of detailed analysis of the legal features which are needed for it to be effectively established. This indispensable study is the first to analyse open banking’s legal foundations by reference to banking law rather than to privacy law or competition law. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s thoroughgoing legal perspective provides a comprehensive framework which can be used to evaluate and design open banking in any jurisdiction. The presentation proceeds through a comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems. This process clearly reveals and addresses such salient open banking and data-sharing issues as the following: what data should be shareable and who should be required to share data; how data should be shared and how rights to share data should be established; the role of data minimisation and the role of consent; how laws, standards, rules, and technology interact in an open banking system; how open banking fosters competition, innovation, and financial inclusion; how consumer protection can be included by design; management of quality and security of shared data; facilitation and regulation of participation; legal relationships and allocation of liability among participants; compensation for customers if something goes wrong; strategic challenges and opportunities; enforceability and insolvency; systemic efficacy and safety; and the role of trust. Also included is an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems. As a systematic appraisal of how banking law can be used to ensure the customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems, the book’s legal perspective on the value of customer data will prove of inestimable value for lawyers in banking and finance, as well as for professionals in financial services or information technology.
Download or read book Open Banking written by Linda Jeng and published by Oxford University Press. This book was released on 2022 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Consumers are growing more aware of the importance and value of the data they personally generate across industries and domains. Financial services is one such area where the link between one's personal data and its economic value is most clearly established, and consumers are beginning to agitate for and gain a measure of agency over their data. A study of the phenomenon of open banking provides a focused lens on the broader phenomena of data proliferation and data monetization. Thus, open banking and its related legal and economic issues along with policy ideas, such as consumer financial data rights, can serve as an interesting model for the broader policy discussion on general data rights. Open banking is a specific manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. Among Basel Committee jurisdictions, at least fifteen jurisdictions have some form of open banking, and this number does not even include the many jurisdictions outside the Basel Committee membership with open banking activities. Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there has been recent but limited policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still a little-known concept among consumers and policymakers in the States. This book defines the concept of 'open banking' and explores key legal, policy and economic questions raised by open banking"--
Book Synopsis The Role of Consumer Consent in Open Banking by : World Bank
Download or read book The Role of Consumer Consent in Open Banking written by World Bank and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Open banking schemes provide consumers with more choice and new financial products and services through the use of technology, particularly application programing interfaces (API's). The main objective of this paper is to provide guidance on how to implement consumer consent protocols to access bank account data under open banking scenarios.
Book Synopsis Basic Knowledge on FinTech by : TABF Editorial Board
Download or read book Basic Knowledge on FinTech written by TABF Editorial Board and published by Hyweb Technology Co. Ltd.. This book was released on 2020-04-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the field of FinTech continues its progress, financial institutions must not only enhance their digitization, but also make serious efforts to understand the resulting new opportunities it creates. In line with these developments, TABF has published the book Basic knowledge on FinTech, which was designed by us as a reference for the FinTech Knowledge Test. Co-authored by TABF staff and other experts, it features balanced and credible analysis, avoiding trivia and overly complex concepts while emphasizing readability. The content structure is based on the World Economic Forum (WEF)'s roadmap for FinTech development, adding in TABF's research findings plus other domestic and international trends and practices. Not only is Basic knowledge on FinTech suitable for financial proficiency testing, but it can also be used as a textbook in university courses, supplementing theoretical knowledge with up-to-date practical knowledge in this rapidly changing field.
Book Synopsis Financial Vulnerability in Canada by : Jerry Buckland
Download or read book Financial Vulnerability in Canada written by Jerry Buckland and published by Springer Nature. This book was released on 2022-03-02 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines financial vulnerability: a state in which a person or household cannot absorb any substantial spending or negative income shock without substantial financial and ultimately broader harm such as job loss, emotional harm, or mental illness. The focus of the book is on the experiences of low- income and modest income Canadian families – families which, by virtue of being in the lower income brackets, are particularly at risk of experiencing financial hardship. Looking at vulnerability from a conceptual and empirical lens, this book offers a framework to better understand the complex and interdependent ways in which financial vulnerability emerge and can be addressed. By locating its analysis of individual and household financial management in wider community, cultural, and economic contexts, this book seeks to offer holistic policy recommendations to reduce financial vulnerability, with implications that go beyond Canada and to other developed countries.
Download or read book Fintech written by Pranay Gupta and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-12-03 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: This extraordinary book, written by leading players in a burgeoning technology revolution, is about the merger of finance and technology (fintech), and covers its various aspects and how they impact each discipline within the financial services industry. It is an honest and direct analysis of where each segment of financial services will stand. Fintech: The New DNA of Financial Services provides an in-depth introduction to understanding the various areas of fintech and terminology such as AI, big data, robo-advisory, blockchain, cryptocurrency, InsurTech, cloud computing, crowdfunding and many more. Contributions from fintech innovators discuss banking, insurance and investment management applications, as well as the legal and human resource implications of fintech in the future.
Download or read book Disrupting Finance written by Theo Lynn and published by Springer. This book was released on 2018-12-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Book Synopsis Open Banking by : Francesco De Pascalis
Download or read book Open Banking written by Francesco De Pascalis and published by Taylor & Francis. This book was released on 2024-05-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Open banking ends the proprietary control of customer information by banks and allows customers to share their banking financial data with third parties as a matter of right. It can also permit customers to allow others to remove funds directly from their bank accounts in return for goods and services. All of this is done securely with standardised ‘application programming interfaces’ (APIs). Open banking has developed in different ways and with different objectives across the globe. Open Banking: Global Development and Regulation examines the empowering and enabling regulations that facilitate all of this. This book compares a number of different open banking national strategies. These range from the focus of the UK and EU on enhanced competition to the more collaborative approaches in many East Asian jurisdictions. It also looks at the use of open banking for socio-economic purpose in Brazil and India. Here open banking forms part of a wider government programme to increase financial inclusion coupled with encouraging economic growth. This text will be valuable for fintech companies, policymakers and financial services regulators Its overarching aim is to demonstrate the possibilities and challenges of open banking and how it is changing lives across the world.
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Book Synopsis The Technological Revolution in Financial Services by : Michael R. King
Download or read book The Technological Revolution in Financial Services written by Michael R. King and published by University of Toronto Press. This book was released on 2020 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industry specialists and thought leaders explain how financial services will evolve in the coming decade in response to heightened regulation, technological disruption, and changing demographics.
Book Synopsis FinTech, Financial Inclusion, and Sustainable Development by : David Mhlanga
Download or read book FinTech, Financial Inclusion, and Sustainable Development written by David Mhlanga and published by Taylor & Francis. This book was released on 2024-09-16 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the significant impact of FinTech on the financial industry and how it could be used to promote legitimate development in the global economy. It takes readers on an engaging tour of the field of FinTech, immersing them in a thorough investigation of the technological advancements, creative business models, and regulatory issues that define the FinTech landscape. The book begins by documenting the rise of FinTech, providing historical context, and highlighting key milestones. It delves into the numerous technologies that have fuelled the FinTech revolution and offers valuable insights into the ongoing evolution of the financial industry and its implications for individuals, businesses, and society. It explores topics such as microfinance, digital lending, social impact investing, and sustainable finance, signalling the ability of FinTech to foster financial inclusion, reduce poverty, and drive sustainable economic growth in developing economies. The book takes into account ethical as well as regulatory considerations, and the importance of striking a balance between innovation and consumer protection. The book offers a comparative regional perspective and provides case studies of successful FinTech organizations from across the world. It concludes by providing an in-depth exploration of future trends and predictions, with a specific focus on emerging technologies such as ChatGPT and their potential impact. This will be a useful reference for researchers, scholars, and students, concerned with the changing dynamics of the industry in an increasingly digital and interconnected world.
Book Synopsis The Handbook of Banking Technology by : Tim Walker
Download or read book The Handbook of Banking Technology written by Tim Walker and published by John Wiley & Sons. This book was released on 2021-02-22 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competitive advantage in banking comes from effective use of technology The Handbook of Banking Technology provides a blueprint for the future of banking, with deep insight into the technologies at the heart of the industry. The rapid evolution of IT brings continual change and demand for investment — yet keeping pace with these changes has become an essential part of doing business. This book describes how banks can harness the power of current and upcoming technology to add business value and gain a competitive advantage; you'll learn how banks are using technology to drive business today, and which emerging trends are likely to drive the evolution of banking over the next decade. Regulation is playing an ever increasing role in banking and the impact of regulatory change on technology and the management of it are discussed — while mandatory changes put pressure on many of our high street banking brands, their ability to adapt and utilise technology will have a fundamental impact on their success in the rapidly changing marketplace. Technology costs can amount to 15 per cent or more of operational costs and bank leaders need to be able to make informed decisions about technology investments in light of the potential benefits. This book explores the depth and breadth of banking technology to help decision makers stay up to date and drive better business. Assess your current technology against the new banking paradigms Procure the systems needed to protect the bottom line Implement newer technology more efficiently and effectively Ensure compliance and drive value with appropriate technology management Technological change is driven by mass adoption of new channels, innovation from new entrants, and by banks themselves as a means of increasing revenue and reducing costs. The Handbook of Banking Technology offers a comprehensive look at the role of technology in banking, and the impact it will have in the coming years.
Book Synopsis Enhancing Medical Imaging with Emerging Technologies by : Sharma, Avinash Kumar
Download or read book Enhancing Medical Imaging with Emerging Technologies written by Sharma, Avinash Kumar and published by IGI Global. This book was released on 2024-04-15 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of medical imaging is rapidly evolving, with new technologies and techniques constantly emerging. However, this fast-paced advancement brings challenges such as the complexity of imaging modalities, the need for continuous education and training, and the integration of emerging technologies like AI and robotics into existing healthcare systems. Healthcare professionals and technology enthusiasts often need help to keep pace with these changes and may feel overwhelmed by the vast amount of information and possibilities in the field. Enhancing Medical Imaging with Emerging Technologies offers a comprehensive solution to these challenges. By providing a thorough introduction to medical imaging systems, including the fundamentals of system theory and image processing, the book serves as a foundational resource for understanding the complex world of medical imaging. It covers various imaging modalities, from conventional camera systems to advanced techniques like magnetic resonance imaging and optical coherence tomography, offering readers a holistic view of the field. This book is a valuable resource that inspires hope, sparks curiosity, and paints a vivid picture of the limitless potential of medical imaging.
Book Synopsis The Routledge Handbook of FinTech by : K. Thomas Liaw
Download or read book The Routledge Handbook of FinTech written by K. Thomas Liaw and published by Routledge. This book was released on 2021-06-14 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive and cutting-edge guide to FinTech. The chapters are written by an international selection of authors from Europe, North America, Asia, and Australia. They are the leading experts in their relevant subject and come from both academia and industry. Each chapter provides a balanced overview of the current state of the art in the field, identifies potential issues, and discusses future trends. The book is analytical and engaging, and the authors reflect on where the research agenda is likely to advance in the future.
