Data Sharing in Banking Sector: The Potential, The Concerns

According to McKinsey, economies that allow data sharing in finance would bring about vast benefits to end-users and financial institutions, while promoting their GDPs to grow 1-5% more by 2030. Open data opens the door for more accurate and effective credit risk evaluation, risk-based pricing, and fraud protection.

Reference:

• Data sharing and open banking
• Financial data unbound: The value of open data for individuals and institutions
• Factors that influence data sharing through data sharing platforms: A qualitative study on the views and experiences of cohort holders and platform developers