Amazing essay. I've heard people critique the banking sector vaguely before but never took the time to actually listen to such in depth and practical criticism.
I dont understand one thing though. Why do banks need to share data with other organizations? I wasnt aware of a lack of critical information among Fintech and other financial institutions
Thank you for reading. The current state of things is that Fintechs and other non-bank institutions cannot directly access/request data from NIBSS. They can only do that by essentially becoming banks - that is meet the legal and regulatory requirements to be able to take customer deposits, even if that is not essential to their business model or value proposition.
Amazing essay. I've heard people critique the banking sector vaguely before but never took the time to actually listen to such in depth and practical criticism.
I dont understand one thing though. Why do banks need to share data with other organizations? I wasnt aware of a lack of critical information among Fintech and other financial institutions
Love your work by the way.
Thank you for reading. The current state of things is that Fintechs and other non-bank institutions cannot directly access/request data from NIBSS. They can only do that by essentially becoming banks - that is meet the legal and regulatory requirements to be able to take customer deposits, even if that is not essential to their business model or value proposition.
Ohhh. Thank you that clears that right up