𝐸𝒹𝓊𝒸𝒶𝓉𝒾𝑜𝓃𝒶𝓁 𝑒𝓈𝓈𝒶𝓎𝓈 𝓈𝓊𝓈𝓉𝒶𝒾𝓃𝒾𝓃𝑔 𝓉𝒽𝑒 𝒜𝑒𝓃𝒸𝑜 𝒞𝑜𝓂𝓂𝓊𝓃𝒾𝓉𝓎 𝒶𝓃𝒹 𝐸𝒸𝑜𝓈𝓎𝓈𝓉𝑒𝓂
Is bank these days are considered more ‘open’? We asked this because many are starting to use open banking applications such as app-based online banking, as well as other third party system that allows the access and control of consumer banking and financial accounts. Join us this week as we drill into the topic ‘open banking’ this week at Aenco Academy #19 What is Open Banking?
Open banking is the system of allowing access and control of consumer banking and financial accounts through third-party applications. It was at first seen as a threat to the traditional banking system since people fear that brick-and-mortar banks will be overtaken by these so-called authorized online third party software and applications.
Semantically, it is called open banking since consumer’s data is shared on an authorized platform and it has the possibility of simplifying the data storage steps and data maintenance. However, there has been some arguments surrounding the potential threats bought by storing such confidential information on these start-up tech platforms since they might be susceptible to data hijackers and online thieves and the chances of hunting down the person responsible for such a crime is either costly or most likely impossible.
To know if you are involved in the act of open banking, all you need to know is
- have you enables access and control of customers personal and financial data to third-party service providers, which are typically tech startups and online financial service vendors?
- have you grant some kind of consent to let the bank allow such access, such as checking a box on a terms-of-service screen in an online app？
If you have a ‘yes’ to either of the above questions, congradulations — you are now part of the open banking community and you haven’t even realized it!
Aenco is a company that very much got their business mindsets on open banking. One of the reason we own a online exchange platform is that we believe the next big tech movements could be online virtual asset trading, and open banking is the first step towards a cashless/virtual economy. We know our community has high hopes on the updates being made on the AENX v2.0, and we are working tirelessly to ensure future upgrades can be launched timely and suiting the community’s expectation. As we are launching our AENX v2.0 version, we encouraged our potential users to complete the KYC forms not just to enhance account verification, but to enjoy maximum benefits and discounts, too! Stay tuned for more updates, and we will be back next week for a new topic!
✔ 𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮: 𝘪𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮.𝘤𝘰𝘮/𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔𝘝𝘪𝘣𝘦𝘳: 𝘈𝘦𝘯𝘤𝘰 𝘝𝘪𝘦𝘵𝘯𝘢𝘮
All Rights Reserved. 2020. Aenco Limited consists of a team with strong corporate management experience from global investment banks and financial institutions, as well as blockchain technologists and enthusiasts. Aenco believes that an end-to-end solution platform is essential to fully support fintech innovation. Other than the core blockchain component. Aenco focuses on real life challenges of digital financing for both fintech projects and the investing community. This is the Aenco Ecosystem.