NCR Voyix Predicts Open Banking’s Steady Rise in the US Financial Landscape

In a recent interview with PYMNTS, Shadi Saifan, Vice President of Engineering at NCR Voyix, highlighted the evolving landscape of open banking in the United States. Saifan emphasized the challenges in translating the concept of open banking into tangible realities, particularly within the American context.

Saifan observed a notable disparity between the regulatory frameworks driving open banking in Europe compared to the US. While Europe has seen significant involvement from regulators and governments in shaping open banking principles, the US has adopted a more industry-led approach.

He emphasized the crucial role of education from banks and the introduction of innovative use cases in facilitating the adoption of open banking. Saifan stressed the importance of creating a broader ecosystem, acknowledging the need for traditional financial institutions to embrace disruptions from FinTech companies.

Saifan emphasized the collaborative nature of open banking, asserting that cooperation among players drives revenue growth. He underscored the necessity of viewing consumers as identities rather than mere usernames and passwords to establish trust in data security.

Looking ahead, Saifan outlined potential use cases for open banking in the US, including account aggregation and streamlined loan application processes. He expressed optimism about the organic growth of open banking in the US, foreseeing further momentum as standards around open banking APIs solidify.

Saifan concluded by affirming the inevitability of open banking’s expansion and its enduring presence in the US financial sector.