In 2022, open banking will continue to gain market traction and acceptance in the U.S. as traditional banks and financial institutions compete on customer satisfaction and digital relevance.
Unlike traditional banking where all customer data is controlled by the parent bank, in open banking, customer data is securely exposed to third-party providers via application programming interfaces (APIs) when consent is provided by the customer. The sharing of that data promises to deliver innovative new services and spur competition. However, it also creates a broader threat surface that must be protected against cyber abuse and malice.
