Open Banking, Open Finance, Open Economy - The New Identity of Finance
Research Report: Creating Value with Open Business Models
Consumer demands, technology advancements and increased regulations are all driving how the banking and financial ecosystems are evolving. Part of this evolution is data sharing amongst financial institutions (FIs) and businesses, creating a new value for consumers and businesses, and allowing for the evolution from open banking to open finance – and ultimately becoming a launchpad to a true open economy.
Okta has partnered with Aite-Novarica Group to analyse the importance of secure data sharing so that financial institutions, fintechs and businesses can better understand this future defining trend in banking and finance.
Specifically, this research report takes a deep dive into:
- The requirements and best practices for the end-user (consumers, small businesses) for open banking to open finance and open economy.
- Why open finance is critical to FIs and fintechs to meet customer requirements and stay competitive.
- How data sharing across organisations in an open finance era can affect FIs.
- The primary use cases of open banking, open finance, and open economy for generating new revenue for banks and fintechs.
- Why modern identity solutions are at the very core of open ecosystems.