Evolution of Open Banking and Open X
Modern banking maturity levels are considered as follows:
Traditional Banking: Includes cores activities such as retail and private banking, corporate banking and investment banking.
Digital Banking: Depending on a bank´s digital maturity, provides an omnichannel experience for the customers.
Open Banking: Corresponds to bank´s ability to leverage an ecosystem of third parties and interact with them using Application Programming Interfaces(APIs)
Open X: Relates to bank´s ability to leverage data and create a shared marketplace by effectively collaborating with FS and non-FS firms, resulting in a seamless experience for the customers
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Crackdown on high-interest lending announced by FCA
The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts. The Financial Conduct Authority (FCA) has spent nearly two years studying borrowing at high interest rates.