Henry Lee

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same.

The U.S. banking system risks being left behind by the European Union and the United Kingdom when it comes to open banking.

Moving to an open banking system comes with both costs and benefits that each bank will need to weigh before diving in.

Banks in the U.S. should take note of these requirements before opening their systems to third-party developers.

Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.

Financial institutions need to be aware of the platform model, strategic and reputational hazards that come with granting access to their networks.

The term “Amazon effect” is a term increasingly used to represent a digital-first business model where interactions with partners and customers centers on web-based application programming interfaces.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

Still trying to figure out whether to build gateways to your bank's data and systems? Here’s why you should transition.