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Open Banking development Policy: What to Expect and What to Expect

The financial sector has developed steadily, with technological advances often leading to significant changes in the financial industry, which makes the life of the people and the operation of the business more agile, and costs are still being used. There are significant limitations in financial services today: users of data subjects do not fully benefit from their financial transactions with banks. Because data is still immobile, open banking is the answer that will enable the financial information of various financial institutions to be connected conveniently, quickly, seamlessly, and securely. In addition, financial service providers with access to this richer user data will be able to provide a variety of services that are more tailored to the needs of consumers. It will also assess risks more accurately with a fast and low-cost process.

However, the development of open cloud based digital banking solutions  presents many challenges as its infrastructure is not just a standard technology that different people have to develop but rely on. Multilateral cooperation, especially cooperation between banks that hold public financial information. This requires the data subject’s consent to create a system to allow other banks and technology companies to connect to this data quickly.

Krungsri Research views that the development of open banking in Thailand has many supporting factors. However, cooperation between banks with different business sizes and investments in mobile banking platform businesses may not be easily formed by regular market forces. Thus the government plays a vital role in building cooperation. This should be done in a way that goes beyond just signaling the bank and all parties involved to cooperate. But rules should be issued to force cooperation seriously and set up an appropriate framework for open banking rules. For example, laying out Open API standards to make it easy to banking and financial services app development innovations to connect to the system. (Interoperability) users get the ease of use.

It is necessary to prevent conflict of interest from taking over information by technology companies acting as intermediaries. And avoid the problem of exploitation by large technology companies as the sole user of financial information (Free rider). In addition,  the government should coordinate with relevant agencies to push for a central unit to support development operations. Private Open API system to be smooth This agency should have the ability to help banks and technology companies quickly resolve barriers to system development and create innovations based on it. The government needs to have mechanisms to ensure the security of people’s information and build people’s understanding of the right to use financial data. This will lead to the success of Open banking and the country’s financial solid ecosystem shortly.

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“WHAT IS HAPPENING”: Global financial trends are rushing into open banking.

Financial transactions, whether they are raising money, spending money, collecting money, or borrowing money, are involved in people’s daily lives in the economy. People want convenience. The speed of these transactions is at an affordable price. Especially if we have to do transactions with many banks, it would be nice if each bank could instantly exchange our data automatically in a secure way where we do not have to be a messenger between the banks.

This method, in addition to reducing the burden of banks and users. It will also help shorten the turnaround time for certain transactions that would typically take days to occur in a matter of minutes. Too many banks of competing for the best offer. Giving more options to use the service meanwhile The more Low code ISV Banking and financial services institutions have the complete financial information of the users. It will be able to assess the risk more accurately. Can provide services at a lower cost and be able to offer various services that better meet the needs of the users. This can happen.

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