Article: The Future of Business Is Open: How Open Data Is Changing Established Industries

Access, Money, Open Decision-Support, Open Governance, Open Health, Procedures (Medical)

The Future of Business Is Open: How Open Data Is Changing Established Industries

The open office concept reshaped much of working life — and was largely driven by a desire to improve collaboration, efficiency and effectiveness. A similar drive for collaboration is reshaping some bedrock industries of the American economy, albeit in the context of quickly evolving digital platforms.

Different industry sectors have treated concepts of openness with a range of responses, and the factors pushing them toward the “open industry” concept also differ. But there are definite similarities, as increased openness is seen as a key to digital success and customer satisfaction, one that quickly accelerating digital platforms make not only smart but necessary.

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Article: Kat Cloud: How Do We Unlock Open Banking? The Answer’s in the Data

Money, Open Governance

Kat Cloud: How Do We Unlock Open Banking? The Answer’s in the Data

This is exactly the angle being discussed here by our guest Kat Cloud, the UK Policy Lead for the Open Banking platform Plaid. Her work focuses on protecting and enabling consumer’s rights to access and use their financial data. Before joining Plaid, Kat was the policy lead for Open Banking and PSD2 at the Financial Conduct Authority. A self-confessed payment-nerd, she has played key roles in delivering Open Banking, PSD2, and now open finance for the UK.

If Open Banking is going to truly revolutionize the financial services industry, then data democracy is the key to lowering the remaining barriers to progress and improving the consumer experience. How consumers access, manage and crucially, control their data has been the focus of the Open Banking debate for years.

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Article: What’s next for Open Banking?

Money, Open Governance

What’s next for Open Banking?

Appetite for “Open Banking”, where consumers allow third-party providers to use the financial information held by their bank to inform new products, is growing; Progress in the sector differs by region, but demand for and use of Open Banking services has been further expedited by the COVID-19 pandemic;

To make Open Banking successful and sustainable, however, more banks need to embrace an end-to-end digital architecture. In recent years, technology has facilitated a progressive opening up of the banking industry. It has ushered in an era of collaboration not just competition between incumbent banks and fintech.

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