| Sultan Chairul – 2581484737
Answer : 1. What is open banking, and its primary goal? Open banking is a system where banks allow customers to securely share their financial data with third-party companies through standardized APIs. Its primary goal is to give customers more control over their data, increase innovation, and boost competition in financial services. 2. How APIs enable data sharing and needed security measures APIs act as secure digital bridges that allow banks and third-party apps to exchange data automatically and in real time. They standardize data sharing and let customers authorize what data is shared. Key security measures: Strong authentication (e.g., MFA, OAuth2) Encryption of data in storage and transit Clear consent management Strict access control for authorized apps Regular audits and monitoring 3. Benefits of open banking for consumers and businesses Consumers: More personalized financial products Lower costs due to competition Easier financial management across accounts Faster services Greater control over data Businesses: New revenue opportunities Better customer experience Easier partnerships between banks and fintechs More innovation and efficiency Access to wider customer markets |
Tangerang, Indonesia
