Open banking provides customers with the ability to securely share financial data among banks and accredited fin techs. Data in open banking has pushed banks to kick start innovations around payments and customer financial management with many potential use cases on spend analytics, credit decision, AML/ KYC and collateral management being developed as proof of concepts. Four types of data are shared in Open Banking - Account, Product, Customer and Transaction data and this has led to improved customer centric solutions and services.
One of the most important pillars of Open Banking is the customer consent. The growth in products and services through open banking has resulted in customers providing consents to every subscription. The Open Banking regulation has prescribed the architecture for obtaining and maintaining consent between the parties involved.
This blog is an attempt to focus on how banks can manage customer consent and how HCL can help in this journey.