It is so interesting to see the bud named Open Banking blossom into plethora of different petals.
In 2018, when i first started working on Open Banking for one of the largest Banks in the world. I always thought,
why Open Banking?
why not Open Everything?
as down the line, Open APIs build in each and every sectors is going to make customers life better. It would be one stop app/apps for all the sectors built by TPPs.
Now, 5 years from then, here we are.
Evolved and Evolving into many other areas. Open Banking was the term coined by someone. However, the concept is Mammoth. It would be so interesting to see how it will change from Regulatory requirement to Must have
A Customer Journey from Traditional to Disruptive
After Open Banking, it's Open Finance, Open Energy, Telecommunication and what not. According to me it could even be Education, Agriculture, Tourism and what not
I have been digressing from the main topic, due to my personal thoughts and opinions. Coming to the actual agenda to the post:
Open Finance will bring targeted datasets from across the following service providers into the CDR
1) General insurance
2) Superannuation
3) Merchant acquiring
4) Non-bank lending
According to Strategic Assessment Outcomes report published in January 2022, CDR build on the growing momentum of Open Banking by spurring rapid product development that gives consumers access to better deals and a more complete view of their finances. By prioritising a smaller mix of targeted datasets across these sectors, the CDR will unlock a broader range of higher value use cases, compared to expanding one sector at a time.
Pic Courtesy: Take by me during normal morning walk. Interestingly, it fits into the opening quote so well.
#OpenFinance #OpenBanking #CDR #API #Customer #TPP #ComsumerDataRight #Evolution #Regulatory #Mandatory #Disruption #SimplyKumar #Thoughts #Facts