Everyone wants to rule the data world, but — as Gerhard Oosthuizen, CTO at Entersekt, recently pointed out — it’s not just about having the data; it’s about knowing how to use it. FinTech companies are warming to this idea as they realize it’s easier to work with banks than disrupt them, and banks are warming up too, because they see more opportunity than threat in collaboration. Consumers have concerns, particularly around how their data will be used in an open banking world, and the technology around securing all that data is more complicated. However, as the tech gets better and data security gets more assured, the possibilities of offerings for consumers grow as well — in banking, payments and beyond..
50 years: The amount of time traditional banks have had to build their compliant networks and customer relationships.
66 percent: The share of U.K. consumers concerned with how their data will be used under open banking.
80 percent: The share of banks that see open banking as an opportunity rather than a threat.
10: The number of encryption key slots becoming increasingly common on POS devices.
70 percent: The share of Americans with hypertension who do not know they have hypertension.