Open Banking vs Traditional Banking Systems
Developers should learn Open Banking to build fintech applications that integrate with banking systems, such as payment initiation services, account aggregation tools, or personal finance management apps meets developers should learn about traditional banking systems when working in or with established financial institutions that rely on legacy infrastructure, as these systems still power a significant portion of global banking operations. Here's our take.
Open Banking
Developers should learn Open Banking to build fintech applications that integrate with banking systems, such as payment initiation services, account aggregation tools, or personal finance management apps
Open Banking
Nice PickDevelopers should learn Open Banking to build fintech applications that integrate with banking systems, such as payment initiation services, account aggregation tools, or personal finance management apps
Pros
- +It's essential for roles in financial technology, banking software development, or regulatory compliance, as it provides a standardized way to access financial data and initiate transactions securely
- +Related to: api-design, oauth2
Cons
- -Specific tradeoffs depend on your use case
Traditional Banking Systems
Developers should learn about traditional banking systems when working in or with established financial institutions that rely on legacy infrastructure, as these systems still power a significant portion of global banking operations
Pros
- +Understanding them is crucial for maintenance, integration with modern APIs, and migration projects to newer platforms
- +Related to: cobol, mainframe-computing
Cons
- -Specific tradeoffs depend on your use case
The Verdict
Use Open Banking if: You want it's essential for roles in financial technology, banking software development, or regulatory compliance, as it provides a standardized way to access financial data and initiate transactions securely and can live with specific tradeoffs depend on your use case.
Use Traditional Banking Systems if: You prioritize understanding them is crucial for maintenance, integration with modern apis, and migration projects to newer platforms over what Open Banking offers.
Developers should learn Open Banking to build fintech applications that integrate with banking systems, such as payment initiation services, account aggregation tools, or personal finance management apps
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