Experts at the coal face of Open Banking in North America look at the state of play in the progress of initiatives/development and what the future might hold. Will Open Banking be driven by regulation or will the market carve the path? Are there, for example, particular regulatory frameworks (eg around data privacy/date security) that are needed to help move the dial? Is the creation of agreed standards necessary?
It is a great discussion of those issues and also touches, perhaps more importantly, on the intended impact of Open Banking. At heart, the purpose of open banking and its next stage evolution, Open Finance, is to provide better outcomes for consumers and businesses. Increased competition and better products and services are the true measures of success.
As we look ahead, how will the dynamic of Open Finance reshape the landscape. Established banks need to consider future strategy and the role they will pay in increasingly open ecosystems. As more third-party providers work in partnership with financial institutions, how is security ensured for end-users who may be nervous when it comes to data sharing.
- Steven Boms, Executive Director, FDATA North America (Moderator)
- Jeanette Quick, Lead Counsel for Financial Services, Gusto
- Alex Yang, Global Head Of Api Strategy & Enablement, Bank of America, Merrill Lynch
- Abhishek Gupta, Head of Open Platform, BBVA
- Sam Taussig, Head of Policy, Kabbage
In a European context, Open Banking is still very much a work in progress but Open Finance is already changing the end destination and shifting the dynamic. To learn more about what that means for the future of the industry, join us for FTT Virtual Open Finance, going live on 9 December 2020.