How Fintech Technologies Help Tackle Data Sharing & Security Concerns

In this new and quickly expanding universe of open banking, it’s an ideal opportunity to show that data sharing and security is not something to fear of.

The new time of open banking is without a doubt developing at a rapid pace, with research anticipating more than 64% of UK grown-ups will be adopters by 2022, alongside 71% of SMEs. This is a genuinely encouraging marker for the fate of more extensive drives like open financing and open data sharing — however, there is as yet one obstacle to overcome.

Research demonstrates that a few buyers and organizations are as yet watchful or ignorant with regard to open banking. 51% of respondents guarantee to have never known about open banking and 61% case to have never utilized it, regardless of 80% conceding to presently utilizing at least one versatile finance application. ING recognized this pattern as the ‘demeanor conduct hole’ by which what respondents guarantee and how they act with regards to their accounts “doesn’t really adjust.”

Many SME customers don’t fully disclose their business financial data with SMEs because of data security concerns. What should be instructed is that security, assent, and control are at the actual heart of digital data sharing and security. The most common way of utilizing Financial Data APIs to associate financial platforms is altogether safer than sharing financial data through email, with 95% of IT pioneers expressing that customer and business financial data is in danger on email, as per an Egress report.

As recorded by The Coalition for a Digital Economy (Coadec), “APIs are right now best practice for data sharing and security. They are far better than the past method for data sharing and security, screen-scratching” — a strategy for catching information by putting away clients’ accreditations.