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...

People in this episode

Host: Charlie Kelly

Topics covered

• open banking
• data aggregation
• financial data
• community banks
• financial fragmentation
• risk management

Keywords

• open banking
• data cold war
• community banks
• financial data
• data aggregation

Mentioned in this episode

Organizations: community banks, Open banking

Places: average Americans

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