{"id":12990,"date":"2019-06-12T07:31:08","date_gmt":"2019-06-12T07:31:08","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=12990"},"modified":"2019-06-12T07:31:08","modified_gmt":"2019-06-12T07:31:08","slug":"india-standing-at-the-crossroads-of-open-banking","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/india-standing-at-the-crossroads-of-open-banking\/","title":{"rendered":"India standing at the crossroads of open banking"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Changing consumer patterns, the emergence of non-traditional competition (e.g. FinTechs, blockchain and artificial intelligence) and initiatives undertaken by the Reserve Bank of India have provided the ideal timing for Indian banks to embrace open banking or risk losing out to new, innovative players. However, there are still numerous issues that need to be resolved if India is to truly jump into an era of open banking, especially those surrounding data ownership and data privacy. For this, all eyes are waiting on the draft language of India\u2019s forthcoming Data Protection bill.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As India awaits clarity regarding data ownership and privacy, it is worth mentioning that open banking represents a potential solution to help increase financial inclusion in the country, especially among the unbanked and underbanked, as open banking generally reduces costs and makes it affordable for financial solutions to reach greater numbers of consumers. It remains to be seen, however, if India will fully-embrace this move or if it will remain somewhat reticent of technological solutions that go well-beyond one-time passwords and ATMs.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-12990 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 4th \u2013 11th August'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-4th-11th-august\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/cabec00d-a638-47c1-b532-2e3e043cc9901-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15211\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15211'>\n\t\t\t\tBFC FinTech Monitor 4th \u2013 11th August\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='lifecell building IoT infrastructure in Ukraine'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/lifecell-building-iot-infrastructure-in-ukraine\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/lifecell-building-iot-infrastructure-in-ukraine-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11860\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11860'>\n\t\t\t\tlifecell building IoT infrastructure in Ukraine\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Are alternative lending services \u201calternative\u201d?'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/are-alternative-lending-services-alternative\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/real-estate-broker-talking-to-customer_3446-173-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9898\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/real-estate-broker-talking-to-customer_3446-173-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/real-estate-broker-talking-to-customer_3446-173-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/real-estate-broker-talking-to-customer_3446-173.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9898'>\n\t\t\t\tAre alternative lending services \u201calternative\u201d?\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Changing consumer patterns, the emergence of non-traditional competition (e.g. FinTechs, blockchain and artificial intelligence) and initiatives undertaken by the Reserve Bank of India have provided the ideal timing for Indian banks to embrace open banking or risk losing out to new, innovative players. However, there are still numerous issues that need to be resolved if &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,404],"tags":[49,287,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12990"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=12990"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12990\/revisions"}],"predecessor-version":[{"id":12991,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12990\/revisions\/12991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13017"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=12990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=12990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=12990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}