Open Banking, Rule 1033, and the Risk of Being a ‘Fast Follower’ FI | BankTalk Episode 140
About this episode
The episode discusses the challenges community banks face in data collection and the potential of open banking to address these issues.
We are in a data cold war that is beginning to warm up. Today, community banks only hold 20%-25% of their customers’ total financial data, due to the financial fragmentation of average Americans. With this massive data deficit on customers, bankers are realizing the need to switch from defense to offense when it comes to gathering information that can be put to work for the bank. Open banking is the best way to plug those data deficits by securing customers’ permission to aggregate their disp...
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