Article: Powering new banking business models with open banking platforms

Money, Open Governance

Powering new banking business models with open banking platforms

While the concept of Open Banking has been around for some years, the industry mostly espoused it for the sake of regulatory compliance. However, in the wake of the pandemic, there has been a definitive and rapid uptake of open banking approaches and adoption globally. For instance, in Covid’s devastating aftermath, many beleaguered borrowers – especially small businesses and individuals – have found the Open Banking ecosystem to be an easier source of credit.

By authorizing their banks and various other institutions to share their data with third-party providers in real-time, the borrowers are able to tap a wider supply of credit on more favorable terms. And this is just one of the many forces driving the accelerated adoption of Open Banking that has made it a key transformational lever of our world today.

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Article: Digital is driving open concepts in several industries

Money, Open Governance, Open Health, Procedures (Medical)

Digital is driving open concepts in several industries

The concept of open office has transformed much of the work life. This was driven primarily by the desire to improve collaboration, efficiency and effectiveness. In the context of a rapidly evolving digital platform, similar impetus for collaboration is shaping some of the underlying industries of the US economy.

Different industry sectors deal with the concept of openness in different ways, and the factors that drive the concept of “open industry” are different. However, there are clear similarities. Increased openness is seen as the key to digital success and customer satisfaction, and with the rapid acceleration of digital platforms, it is needed as well as smart.

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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: Open Banking: What It Means for Your Privacy and Convenience

Money, Open Governance

Open Banking: What It Means for Your Privacy and Convenience

At this point in your life as a consumer, you’re accustomed to having less privacy than you used to. Technology makes your life easier in myriad ways, but also far less private.

Your financial life is no exception. In the fintech industry, where financial services intersect with technology, new products roll out all the time — from robo-advisors that oversee your investment portfolios for nominal fees to third-party payment services like PayPal, Venmo and Zelle. Open banking is one of the trends making such innovation possible.

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