Mr. Open Banking

• Live @ Money 20/20, Oct 2024 - Mr. Open Banking & Friends

  Recorded live at Money 20/20, 2024 in Las Vegas, Nevada, Eyal is joined by three leading voices from the open banking community whom he knows rather well: Michelle Beyo, CEO & Founder of Finavator; David Birch, Author, Advisor and Principal at 15Mb; and Don Cardinal, Senior Vice President at the Financial Data Exchange. Together, they examine how open banking is taking shape across Canada, the United Kingdom, and the United States, offering insights informed by their respective regions. Between them, they provide a global perspective on the evolution of open banking, not only based on activity in different regions, but across the three main pillars of open banking infrastructure: data sharing, real-time payments, and digital identity. David delves into the UK's early open banking implementation, Don explores the U.S.’ market-driven approach to open finance, and Michelle shares her advocacy for a human-rights-based view of data ownership. From universal data rights to the rise of digital wallets, this conversation provides a comprehensive look at where the open banking standard is today and where it is headed. Specifically they discuss:Global approaches to open banking The significance of data rightsReal-time payments and digital walletsHow digital identity plays a crucial roleThe future of open banking in the US

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• Live @ Money 20/20, Oct 2024 - The Aggregators

  Recorded live at Money 20/20, 2024 in Las Vegas, Nevada, Eyal is joined by the open banking leads from three major US aggregators: John Pitts, Head of Policy at Plaid; Jane Barratt, Chief Advocacy Officer at MX; and Anil Mahalaha, Chief Evangelist at Akoya. Aggregators, sometimes called data access networks, provide third parties with connectivity to a wide range of banks. In the US in particular, they are uniquely crucial, having built out an early form of open banking over the past few decades. As the region moves towards standardization and regulation, they will continue to play a pivotal role. Together, Eyal and his guests discuss the continued implications of the CFPB’s final ruling on Personal Financial Data Rights, the evolving role of aggregators, and the impact of API-driven connectivity. The conversation explores whether regulation is truly necessary, how it will shape the competitive landscape, and what’s next for the future of financial data access in America. Specifically they discuss:CFPB’s Personal Financial Data Rights RuleThe role of aggregators in the U.S.The transition from screen scraping to APIsPerspectives on secondary data useThe commercialization of data access

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• The American Way

  Does the United States have open banking? Well, that depends on how it’s defined. If that definition is less about regulation and more about the adoption of a common technical standard for the secure exchange of financial data, then the U.S. is considerably further along. Much of this progress is due to the Financial Data Exchange (FDX), a private non-profit founded in 2018 to unite players across financial services in creating a common standard for consent-driven data sharing. For the final, extra-length episode of Season 5, Kevin Feltes, the new CEO of FDX, joins us to discuss the state of American open banking amidst the regulatory changes unfolding under Section 1033. Eyal and Kevin sit down to talk about all things FDX, sharing the organization’s origins, what’s in the FDX tool belt to help it punch above its weight, and what it means for FDX to operate at the intersection of regulatory and market forces. Diving into possible futures, they unpack how flexibility is the key to ensuring American open banking continues to grow and thrive. Specifically they discuss:The origins of the Financial Data ExchangeHow the FDX API is member-drivenThe impact of Section 1033 regulationBalancing market and regulatory forcesThe role FDX plays in U.S. open banking

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  57:38
• The Data Sharing Economy

  Open banking aims to revolutionize data sharing by giving individuals full control over their data - deciding who can access it, for what purpose, and for how long. Instead of personal data being locked in silos and exchanged without consent by an opaque and precious few, this shift empowers people to gain value from their data for themselves, using it, trading it and protecting it as they see fit, while engaging in the data sharing economy. In this episode, Eyal dives into these possibilities with fintech visionary Ghela Boskovich, Head of FData Europe and founder of FemTech Global. By putting control back into the hands of individuals, Ghela envisions a future where consumers can derive personal economic benefits by deciding how, and with whom, their data is shared. They explore the foundational keystones of this economy, the varying approaches nations are taking to implement it, and the transformative potential of a more equitable digital landscape. Specifically they discuss:Data as a renewable resourceConcentration of data in few handsKeystones of the data sharing economyGlobal regulations and perspectives A more just approach to training AI

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  41:43
• Making Better Decisions

  Underlying open banking is an important assumption: That if you give the consumer all the information about what data is held on them and all the control over how that data is shared, that they will be better off. That they will use that information and control to make better decisions, decisions that benefit them. But is that actually so? Behavioral economics says that perhaps the answer is no. Rising to prominence in the late nineties and two-thousands, behavioural economics challenges the idea that people always behave rationally. For those building open banking environments aimed at truly helping consumers make better decisions about their money and their data, its lessons are invaluable. In this episode, Eyal sits down with renowned behavioural economist Dan Ariely, a professor, scientist and best-selling author, to discuss the roots of behavioral economics, the role of paternalism, and how friction and motivation can be applied to building better financial services.Specifically they discuss: Understanding behavioural economicsVisible money vs. invisible moneyUsing friction and motivationPaternalism and responsibilityBuilding environments that benefit us

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