CHAPTER 9Open Banking and Blockchain
SUMMARY
It is impossible to consider the future of banking without reflecting on two of the most critical developments that are likely to affect the Bank of the Future beyond AI and analytics. These are the growth of Open Banking, also known as PSD2, and of Blockchain.
There are naturally differences in each of the topics but also similarities, in that each has suffered from, and occasionally benefited from, a degree of hype. AI reached a peak of hype in 2016–17, Blockchain and Open Banking in 2017–18. There are also key overlaps between all three topics, which will be explored.
This chapter aims to give an overview of the topics of Open Banking and Blockchain rather than a deep dive, but recognises that both will impact on the future of banking, and that AI has a potential part to play in both.
The chapter also consider the wider implication of their use in terms of the Bank of the Future, especially focusing on growth areas such as Asia, Africa and India. It draws the reader's attention to issues such as urbanisation and its effect on megacity expansion.
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