Openbanking Part 2: Second of what I hope is a series of deeper dives on Open Banking. This quote from Macroglobal does a good job at summing up the general view of consumer benefit. It is largely opinion (imho). Banks who do not embrace open banking, in our opinion, will not only limit their ability to connect with clients in meaningful ways but will also limit their opportunity to remain at the forefront of innovation. Instead of being caught off guard by UK legislation or losing a competitive position in an emerging market, banks should begin planning their strategy and … Continue reading Open Banking – is customer benefit considered?

#openbanking Starting with my opinion on Open Banking, it has centred over last 5 years on Open Data and API’s. Mention those to the average banking consumer and eyes will glaze over. Free my Data – what does this mean, and how does it square with data protection. I submit people are much more concerned with misuse of their data and the resulting phone scams. I can in my armchair survey of one predict that if I respond to any email from DHL or UPS I will get spam calls, texts and emails. Much more work is needed to build … Continue reading Open Banking – Fintechs should be concerned with its assumed inevitability