India's banking sector is currently valued at . And, has the potential to become the fifth largest banking industry in the world by 2020.The face of Indian banking has changed over the years. Banks are now reaching out to the masses with technology to facilitate greater ease of communication, as transactions are carried out through the Internet and mobile devices. All this has created the need for banks to meet their customers' requirements for security in a special way on many levels.
Banking-as-a-Service (BaaS) is a key component to open banking, in which banks open up their systems and allow third parties to access their data to enhance their own services. This growing market is transforming retail banking, reshaping incumbents' relationships with customers, and easing entry for fintechs.
The India is leading the open banking movement with regulatory efforts that are reverberating throughout the world. Countries across continents have introduced open banking regulations of their own, indicating that the financial services industry is moving toward an era where sharing data and infrastructure will be table stakes.
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