Embrace Open Finance and Thrive in the Digital Era
Unlocking the Value of Open Finance
Unlocking the value of open finance ultimately hinges on how newly accessible data is utilized. For many banks, this requires a paradigm shift. Open banking, which is transforming financial systems globally, allows consumers and businesses to share bank-account data securely with other institutions, enabling a broad range of new products and services. More than 70 countries, including the United States, are on this path, with the UK seeing significant growth. In 2024, over one million people in the UK paid their self-assessment tax bills using open banking, up from 140,000 the previous year. This shows the increasing popularity and potential of open finance.
Today, open finance expands on open banking's capabilities, encompassing a wider range of financial products like investments, pensions, and mortgages. Consumer demand for these products is strong, with 90 percent of consumers likely to use open finance-based dashboard applications. This innovation also benefits small and medium-sized enterprises (SMEs) by helping them manage cashflows and connect banking data to cloud accounting packages.
Challenges and Shifts for Banks
Implementing and adapting to open banking and open finance is a mammoth task for banks. As customers gain more control over their financial data and can share it freely, banks must ensure they maintain high security standards. Traditionally, banks built their systems solely to protect customer data without considering interoperability. Now, they need to find a balance between protecting data and allowing it to be shared, which is a major shift in approach.
Taking advantage of open finance requires banks to fundamentally change their data approaches. Many banks operate with legacy, closed-architecture systems that are not designed for easy integration with third parties. Maintaining the status quo requires a significant amount of work, with financial institutions spending up to 65 percent of their IT budgets on maintaining current systems. These legacy platforms and processes hinder agility and prevent banks from meeting evolving customer needs.
Building for the Future with Open Finance
To succeed in the open finance era, banks need to invest in areas typically associated with technology platforms. This includes prioritizing fast, secure, and reliable application programming interface (API) channels for easy data sharing. A great developer experience is also crucial, with banks needing to build easy-to-use software development kits (SDKs) and provide documentation, tools, and community support. Additionally, a commercial model that recognizes the needs of both the bank and potential partners is essential for driving API usage.
As open finance gains momentum, banks will handle a much larger volume of data. By improving their data infrastructures, they can position themselves for success. Open finance also creates new opportunities for banks to become consumers of previously inaccessible datasets, enabling them to offer new product offerings and engage with customers in new ways. For example, it can help address the issue of "thin-file" customers in the UK who have limited credit histories.
Adapting to Open Finance: A Three-Step Process
The possibilities of open finance are vast but can be overwhelming. Banks need to be selective in choosing use cases and customer segments. The first step is screening, where banks understand the new capabilities and data sources available and assess their commercial potential and operational complexity. After building a shortlist, they start building business cases and testing propositions with customers to refine the offering.
During this phase, banks face the challenge of balancing protecting existing business lines with testing transformative products. Pay-by-bank payments, for example, have the potential to cannibalize card payment revenues, but banks must be willing to disrupt their own models. Customer education is also key as people need to understand the benefits of new financial products.
Open finance is an opportunity for banks to engage more deeply with customers and serve them better. By embracing it and evolving their approaches, banks can unlock incredible growth and stay competitive in the digital era.
Uncover the Hidden Reason Behind the Game's Mixed Rating
Main Issue - Tencent's ACE
The main problem causing the game's poor reception is the installation of Delta Force's Tencent's Anti-Cheat Expert (ACE) on the player's PC. As reviewed, ACE is a kernel-level anti-cheat software that has been described as "invasive" and compared to spyware. This installation occurs without explicit notification to the player. Moreover, ACE conflicts with another kernel-level program, Easy-Anti Cheat, which is present in numerous popular games such as Fortnite, PUBG, Apex Legends, Rust, The Finals, and Valorant. This conflict prevents those games from even starting, creating a significant headache for players.To add to the woes, it has been reported that closing or uninstalling the game does not stop ACE. The service continues to run in the background, leaving players dissatisfied with the game in a difficult situation. They are forced to seek their own guides on how to remove ACE from their systems. Here is one such guide shared by Steam user Alyzah:
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(Here you can provide the actual guide if available)Impact on the Game's Reputation
The presence of Tencent's ACE and its associated issues has had a significant impact on the game's reputation. Players who were initially excited about the game are now left disappointed and frustrated. The mixed rating on Steam is a clear indication of the problems faced by the game. It has also led to discussions and debates among the gaming community about the ethics and practices of game developers and anti-cheat software providers.Gamers are now more cautious when considering games that use similar anti-cheat measures. They want to ensure that their gaming experience is not compromised by such invasive software. The case of Delta Force serves as a cautionary tale for the gaming industry, highlighting the need for transparency and proper communication regarding the use of anti-cheat software.
Future of the Game
The future of the game now hangs in the balance. With the negative publicity surrounding Tencent's ACE and its impact on the game, developers will need to address these issues promptly. They need to find a way to resolve the conflicts with other anti-cheat programs and ensure that players are informed about the software installed on their systems.Otherwise, the game may continue to struggle in the market, losing players and facing a decline in popularity. It will be interesting to see how the developers handle this situation and whether they can restore the game's reputation and regain the trust of the gaming community.
Prepare Your Car for Winter with These Essential Tips
Section 1: Exterior Weatherproofing
One of the first steps in weatherproofing your car is to focus on the exterior. Start by cleaning your car thoroughly to remove any dirt, grime, or salt that may have accumulated during the fall. Use a gentle car wash soap and a soft sponge or cloth to avoid scratching the paint. After cleaning, apply a high-quality wax or sealant to create a protective barrier against the harsh winter elements. This will help prevent rust and keep your car's paint looking shiny. Additionally, pay attention to the tires. Make sure they have adequate tread depth and are properly inflated. Cold temperatures can cause tire pressure to drop, so check your tires regularly and adjust them as needed. Consider investing in winter tires if you live in an area with heavy snowfall. They provide better traction and stability on icy and snowy roads.
Another important aspect of exterior weatherproofing is protecting the windows. Use a good quality windshield wiper fluid that is designed to work in cold temperatures. This will prevent the wiper blades from freezing and ensure clear visibility while driving. You can also apply a layer of anti-ice spray or de-icer to the windows before a snowstorm to make it easier to remove the ice. For added protection, consider using window covers or curtains to keep the interior of your car warm and prevent frost from forming on the windows.
Section 2: Interior Weatherproofing
When it comes to weatherproofing the interior of your car, there are a few key areas to focus on. First, remove any loose items from the floor and console to prevent them from sliding around and getting damaged. You can use a storage bin or a trunk organizer to keep your belongings in place. Next, consider investing in a car mat set that provides good traction and protects the carpet from dirt, mud, and snow. Look for mats that are easy to clean and fit snugly in your car. If you have a leather interior, apply a leather conditioner to keep it moisturized and prevent it from drying out. This will also help protect the leather from cracking and fading. Additionally, keep a small emergency kit in your car with items such as a blanket, a flashlight, and a first aid kit. These items can come in handy in case of an emergency.
Another important consideration for interior weatherproofing is ventilation. During the winter, it's easy to forget about ventilation, but it's still important to keep the air circulating in your car. Use the recirculation mode sparingly to avoid recirculating stale air and increase the risk of mold and mildew growth. Instead, use the fresh air mode occasionally to bring in fresh air and remove any moisture that may have accumulated in the car. You can also use a dehumidifier or a moisture-absorbing gel to keep the interior of your car dry.
Section 3: Underbody Protection
Protecting the underbody of your car is essential to prevent damage from salt, road debris, and other contaminants. Consider installing a splash guard or a mud flap to redirect water and debris away from the underbody. This will help reduce the risk of rust and corrosion. Additionally, if you frequently drive on rough roads or in areas with potholes, consider installing a skid plate to protect the engine and other vital components. A skid plate can absorb the impact of bumps and prevent damage to your car.
Another option for underbody protection is to use a rust inhibitor. These products are applied to the underbody of your car and form a protective barrier against rust and corrosion. They are especially useful for cars that are exposed to salt and other corrosive substances. Make sure to follow the manufacturer's instructions when applying a rust inhibitor and reapply it as needed.