Open finance’s Pros & Cons for BFSI Industry

Open finance's Pros & Cons for BFSI Industry An API that authorised access of extensive financial and accounting data of consumers with BFSI Pros Cons Authenticity Stringent Compliance Empowers Customer to share its data. Pressure for fintech to apply governance, regulations as it is for BFSI. Integration of data securely and efficiently. Customise and Cyber Risk Analyse as per need Leakage of consumer's data due Modify raw data as per the demand and requirement to any reason can cause financial as well reputational risk for BFSI. Unintentional/Intentional misuse An access to predict cash flow, revenue or profits of open finance big data. Complexity with (X) Big Data Optimization of resources Replacement of manual task with automation Analyzing excessive data of various stakeholders is a complex process. Delivers robust accounting and financial data