BANKING financial data , with the regulation expected to come into effect in 2024 .

The CFPB ’ s framework mandates that banks should provide qualified third parties with access to consumer financial data using APIs . With many banks using legacy backend systems , partnerships with fintechs could see a boost .

While the path to open data is still long , regulations paving the way for open finance are now starting to emerge , such as the Financial Data Access ( FIDA ) framework in the EU , indicating a step in the right direction .

The gradual shift towards open data will enable banks to increasingly transform themselves into lifestyle partners by becoming more embedded into the non-financial customer journeys , allowing them to go beyond offering core financial products and services .

Ville Sointu Mobile payments will continue to explode in 2024 . Recent findings from Juniper Research reveal a compelling forecast : the total value of digital wallet transactions is set to rise by a staggering 77 %, from $ 9 trillion in 2023 to $ 16 trillion by 2028 .

The private sector , in particular , is stepping up to offer new and advanced services like ‘ buy now , pay later ( BNPL ) options , microloans , and personalised investment opportunities . These innovations are resonating with increasingly diverse and engaged user bases across both developed and emerging markets . We ’ ve seen this from our own platform .

The Ericsson Wallet Platform currently supports more than 400 million registered mobile wallet accounts across 24 countries , from emerging nations in Africa to developed countries in the Middle East . It facilitates almost three billion transactions , totalling more than US $ 40bn , each month – and these figures are growing by the day .

Much of this remarkable growth can be attributed to the cashless movement , which gained accelerated traction during the COVID-19 pandemic .

From an environmental perspective , producing and transporting physical cash , which often requires armoured trucks , is substantial compared to the simplicity and eco-friendliness of tap-and-go solutions .

Moreover , high-denomination cash can circumvent financial regulations and fund illicit activities due to its complete anonymity .

However , it ’ s essential to underscore that mobile payments and cashless solutions will not completely supplant cash in 2024 .

Expect to see more public players entering the space in order to bolster resilience and prevent excessive consumer reliance on private-sector solutions . Countries around the world are raising public dialogue around the development of central bank digital currencies ( CBDCs ) as a means to adapt to our increasingly digital age .

For example , the European Central Bank is actively exploring the potential introduction of a digital euro , with a definitive decision expected to materialise some time in 2024 .

Andy Cease Realising the full benefits of mobile payments requires evaluating and mitigating

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