Open Banking Beyond Open Pipes

Table of Contents

From Data Streams to Enriched Data Fountains Remember the early days of plumbing? Water flowed freely, but its quality was often questionable. While it enabled basic needs for water usage, its lack of treatment limited its potential for advanced uses such as cooking and drinking. That’s precisely where Open Banking stood just a while back. It opened the floodgates of financial data, connecting institutions and innovators. This raw data can be related to untreated water. It was often murky, incomplete, and challenging to utilise by both banks and fintechs to orchestrate modern experiences for customers.But just as filtration and purification transformed water into a life-giving resource, open banking underwent (and is expected to gain further momentum this year as well) a significant metamorphosis in 2023 and embraced the power of data enrichment. Think of it as building a sophisticated water treatment plant for financial data. By leveraging diverse sources and advanced analytics, and maybe even a few sprinkles of Gen AI, open banking is transforming raw data into a crystal-clear, enriched stream, unlocking previously unimagined possibilities.This metamorphosis has paved the way for groundbreaking applications in identity verification, fraud detection, and risk management. This has unleashed unprecedented opportunities for innovation and […]

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