Open Banking: Repositioning of European Financial Institutions (essentials)

In this essential, Markus Bramberger examines the development of open banking and its products in Europe. The author answers specific questions about possible substitution scenarios with regard to traditional - non-opening - financial institutions. Against the background of this challenging, risky, but also opportunity-generating time in the financial sector, the reader acquires a focused knowledge of open banking and FinTech topics. What You Can Find In This essential Preface Contents 1 Introduction 2 Reasons for Opening up the Banks: Opportunities and Risks of Substitution 2.1 Banking Monopoly 2.2 The Influence of the European Union 2.3 Modern Banking 3 Open Banking Operations 3.1 Financial Technology—Fintech 3.2 Operational Open Banking Products 3.2.1 API Banking 3.2.2 Blockchain 3.2.3 Chatbots 3.2.4 Gdpr 3.2.5 Instant Payment 4 Pros and Cons of Opening Banks 4.1 Conservative Banking Tradition 4.2 Administrator Versus Designer 5 Opportunities, Risks, and Challenges Due to New Framework Conditions 5.1 Major Adaptations of the PSD II 5.1.1 Aims of the PSD II 5.1.2 Beneficiaries of Open Banking 5.2 Innovative Financial Service Providers 5.3 Conclusion and Outlook What You Learned from This essential References