According to the Open Banking Group, banks can find opportunities for value creation from data exploration. To do so, the group’s latest opinion paper Data exploration in corporate banking recommends that banks develop capabilities in three areas: identifying relevant data sources, unlocking internal and external data sources (the latter of which will become more accessible under PSD2) and converting data into actionable information.
The increasingly looking into value generation opportunities based on data exchange and analytics has brought into focus, concerns around ensuring the continued security and integrity of financial data. To mitigate these risks, financial institutions are exploring technologies that allow them to respond to the new data-sharing and handling demands while ensuring the security of financial data.
Cryptotechnologies have the potential to improve speed, accessibility and operability of already existing solutions and to facilitate new services. The opinion paper Security and identity challenges in cryptotechnologies examines two use cases – third-party authorisation as well as Know Your Customer (KYC) and due diligence processes – to explore how cryptotechnologies could enhance existing IT and business processes while providing the flexibility for future needs.
Both groups are composed of practitioners from banks and other market players across and beyond Europe.
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