Brief Summary of Episode #229
The digital world has been buzzing about big data for years now.
With practically infinite information at our fingertips, open finance and open banking are becoming popular strategic topics.
But what is open finance exactly?
Jane Barratt, Chief Advocacy Officer at MX, and Anne Legg, Founder of THRIVE Strategic Services, joined us on this episode of Banking on Digital Growth to explain.
“In the past, there were walls around data,” Jane said. “If you wanted to get to your money or data, you had to fill out a form or go to a branch.”
But our digital connections have negated the old inefficient methods of consumers retrieving their personal and financial equity.
“With modern technology and connectivity, it’s actually a much safer way for people to access and share their data,” she continued.
Anne also argues that open finance and open banking doesn’t solely help the customer. Financial institutions and fintech benefit as well.
“One of the challenges financial institutions face is, ‘How do I get that really quick loan?’ You now have the ability to have what I call ‘the five-second loan. That will reduce time and all associated costs.”
In time, open finance and open banking could be the next leap forward in relieving financial stress.
Key Insights and Takeaways
- Opportunities for financial brands to embrace open finance (6:05)
- The four dimensions of open finance (16:47)
- Thinking about the “who” before the “why” with open finance (34:33)
Notable Quotables to Share
