Acting Comptroller of the Currency Michael J. Hsu recently commented on the potential of open banking to transform the banking industry, giving consumers greater control over their financial data and increasing competition, but cautioned about the increase in risks it could bring. Although the changing culture of banking due to digitalization and innovation will bring greater access and better user experiences to consumers, it will also bring the attendant risks of a more open and information-sharing architecture.
Hsu Presents Thoughts on Open Banking
