How Open Finance Fuels Innovation and the Democratization of Data

In our recent MX Product Forum, Daniel Haisley, Executive Vice President of Innovation at Apiture, and Lauren Flickinger, Product Director at Truebill, shared their perspectives on the benefits of open financial data. You can watch the full replay here or read on for key highlights. 

Fueling Innovation — Apiture’s Perspective on Open Banking

Today, the true competitive differentiator for financial institutions and fintechs isn’t features and functionality. It’s addressing the challenge of integration. There are thousands of different service providers, third parties, and systems that make up our vast financial services ecosystem. And, they all speak different languages. The data and protocols required to interconnect are bespoke to each connection. 

This makes bringing new innovative applications to market very challenging. Open Banking is upending this narrative. Apiture sees Open Banking as a journey and the first step in that journey is readying financial data to be made available through these standardized connections. Standardizing data and making it available opens the doors for financial institutions to be creative and unlock tremendous value through new embedded banking solutions. 

Open Banking is the backbone upon which financial service innovation is being built every day.

Empowering Their Best Financial Lives — Truebill on the Democratization of Data

Truebill’s mission is to empower millions of people to live their best financial lives. And, you can’t do that without the democratization of data. By opening up access to data, we can: 

• Empower consumers to make more informed and better financial decisions with better visibility. With complete, real-time and accurate information, people are better able to make connections between their everyday choices and their long-term financial goals. 
• Drive user experiences that simplify the stress of managing finances. Finances are scary and there is a lot of trauma that goes into finances. It’s important to present information in a way that is easily accessible and doesn’t feel overwhelming. 
• Give people faster access to credit in a way that takes the whole individual into consideration. There is a lot more that goes into an individual than just their credit score. More access and more options to credit will help build stronger families, stronger communities, and ultimately, stronger economies. 

Visit What is Open Finance from MX to learn more and see where your organization falls on its journey to Open Finance.