Anoushka Singh, Associate, Banking and Finance, Phoenix Legal
ABSTRACT
The technological shift from traditional banking to fintech has facilitated greater access to banking services, leading to the collaboration between private banks and fintech companies to enhance customer experiences. This article explores the concept of open banking in India and its impact on the financial sector. Open banking enables consumers to securely share their financial data with third-party providers and to offer seamless and personalised banking experiences, such as real-time financial data access and instant loan approvals. The article delves into the advancements of open banking in India and provides examples of its implementations. It also considers the regulatory challenges surrounding open banking, including data privacy, customer protection, and standardisation. It emphasises the need for robust data protection and privacy laws, customer grievance redressal mechanisms, and a level playing field for all financial institutions.
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