Open Banking: The Gateway to Open Economy
Consensual data sharing and services among financial institutions and businesses is creating a new value for consumers and business users. Much of this is driven by trends in customer demand, a paradigm shift in technology, and regulation implementation throughout various countries. Open Banking is leading the way for this collaboration and data sharing and will help drive the financial ecosystem to evolve into an Open Finance, and ultimately, an Open Economy environment in which individuals will be able to securely consent to sharing data with third parties to help streamline services, pay bills, conduct business, and manage finances.
In this webinar, Okta, industry analyst firm Aite-Novarica Group (ANG), leading European banking group ING and digital finance provider Plaid will provide an overview of recent findings on research that was conducted regarding Open Banking/ Open Finance initiatives around the world, including:
- The evolution of Open Banking to Open Finance and Open Economy
- The key drivers and roadblocks for Open Banking/Open Finance
- Predictions of how sharing data across the financial ecosystem in an Open Economy era will create opportunities or threats for financial institutions
- The primary use-cases for revenue generation an organization can recognize with regards to open banking/open finance/open economy over the next three years