S1 Episode 9: The Future of Open Banking with James Varga
He is active in a number of local and global efforts to help people do more online, including the Fintech Delivery Panel, the Open Banking Excellence where he is Co-founder and Trust In Digital Life.
As one of the first to call for Open Banking in the UK, James has a wealth of experience in this space. Having previously built a personal finance management and aggregation service, he has a unique perspective that highlights the importance of customer convenience in the overall success and adoption of Open Banking.
Among other things we discussed:
- What is Open Banking?
- Applications for Open Banking
- The identity challenges
- Matching the right person to the right product
- GDPR and Open Banking
- Data ownership is key
- 2018 - the year of regulated disruption
- Giving the consumer back control
- Why has Open Banking been slow to take off?
- Is Open Banking good for banks?
- The real opportunity for Open Banking
- What's the Open Banking silver bullet?
- Account aggregation is just the start
- Using data for customer onboarding
- Consumer behavioural change
- The balance between convenience and reward
- Banks are bad at using data
- Being a B2C Fintech isn't easy
- Monzo's IFTTT integration
- Consumer data ownership is key
- We need to give consumers an incentive to use Open Banking
- Instant loans - 45% revenue increase & 7% fraud reduction
- The Australian Open Banking scene
- The open data approach is a risk
- Getting the regulators involved
- 3 things for next week
More information and show notes can be found on the episode page.
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