Open Finance: Seize the market opportunity
With the growth of smart phones and spread of internet penetration, each individual is leaving a huge digital footprint across several service providers. People across the globe are becoming data rich, irrespective of their location or per-capita income. Regulators across the globe have endorsed Open Banking or data sharing frameworks, to encourage people to leverage their own data and cultivate innovation. Open Banking framework is expanding to Open Finance by including data sets outside of banks covering mutual funds, pensions, insurance, mortgage and many more.
Open Finance is based on the principle that the data supplied by and created on behalf of financial services customers are owned and controlled by those customers.
This collective profound idea is to empower the individuals so that they can use their own data for their own benefits by getting better financial services — a low interest rate loan or a good insurance package. Such an ecosystem enables efficient, economical and privacy protected digital delivery that will have multi-fold impact on the growth of an economy.
Aggregating customer data and driving meaningful insights will result in designing sachet-sized hyper-personalized products & services. This provides opportunities for new revenue streams while expanding customer reach.
This paper looks at the regulatory development across different parts of the world and growth of Open Finance ecosystem. The paper also provides insights into key implementation considerations for a firm to develop their Open Finance capabilities.
Read the complete whitepaper at Infosys.com
