29 minutes | Sep 8, 2019

S1 Episode 9: The Future of Open Banking with James Varga

In Episode 9 we speak with James Varga, who co-founded The ID Co in 2011 with a mission to create convenience  allowing consumers to sign up to new products and services in seconds.

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.

For more on Andrew - what he speaks about and replays of recent talks, please visit ActionableFuturist.com follow @AndrewGrill on Twitter or @andrew.grill on Instagram.

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