The banking industry took its time to transition from paper bills to plastic cards.
Now its in the midst of a more rapid transformation: going digital.
Banks are major data collectors.
Illustration: Theerayut Kaenthao (Getty Images)
U.S. banks have1 exabyte of stored data, or one billion gigabytes.
Ready or not?
Three-quarters of banks say they arent ready for open banking, according torecent datapublished by Sopra.
The European Union has charged forward in open banking adoption, moving leaps and bounds ahead of the U.S. for euro and non-euro transactions, domestic and cross-border.
The directive requires banks to share customer transaction data with other banks and non-banks, with a customers consent.
This article originally appeared onQuartz.
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