Why open data and compliance will drive open banking and the role AI will play

Abstract

This paper discusses the latest approaches in intelligent payments, data enrichment and compliance that would drive open banking into a viable platform for consumers and businesses alike — for making payments instantly, making credit decisions with less risk and at greater speed and hyper-personalising customers to offer uniquely targeted solutions. The paper further lays out the premise that open banking is a stepping stone to open finance — an extension of open banking, which allows consumers to share their financial data to include a wider range of financial products and services, such as investments, insurance and pensions. This means that consumers will have more control over their financial data and be able to use it to access better products and services from a wider range of providers. This is then a dynamic ever-evolving place that will constantly innovate. Open banking will bring out exciting new use cases that challenge the norm and bring to life new ways of doing things cheaper, faster and safer.