According to Christopher Ward, head of product management for PNC’s treasury management division, “We’re ready, we’re in process of implementing APIs with customers. I would proffer most customers are not ready for it.”; Bank of America also stated they are ready for open banking; however many banks aren’t as prepared and being ‘ready’ for open banking is up to interpretation; the article from Tearsheet shares other perspectives on open banking and how some banks might be missing the point of open banking. Source
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.