Purpose Driven FinTech Expert. The Role of Open Banking and Open Data in Fostering Financial Inclusion | Lauren Jones, Director Market Development at Open Banking Exchange
Today I speak with Lauren Jones, Director of Market Development at Open Banking Exchange. Lauren is an expert focused on delivering open banking and open finance to central banks, regulators and market infrastructures around the world.
Open Banking Exchange aims to foster innovation, competition and efficiency to increase consumer choice and enhance security for online payments and is globally known for guiding central banks, authorities and regional communities through operational and technical set-up of open banking and open finance ecosystems.
Lauren explains open banking, open data, and open finance in a simple to understand manner and we discussed how Open banking and open finance are a journey - more specifically a journey setting foundations for future innovation. We touch of the role of the regulator, competition, the actual benefits of open banking, and how it fosters financial inclusion.
If you enjoy this episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.
Let’s dive into it!
👉 You can find Lauren here
- LinkedIn: https://www.linkedin.com/in/lauren-jones-payments/
- LinkedIn Open Banking Exchange: https://www.linkedin.com/company/open-banking-exchange/
- Website: https://www.openbanking.exchange/
👉 And you can find Monica here:
- LinkedIn: https://www.linkedin.com/in/monicamillares/
- YouTube: https://www.youtube.com/@moni_millares
- TikTok: https://www.tiktok.com/@moni_millares
- Website: https://moni-millares.mystrikingly.com/
If you enjoy this Purpose Driven FinTech episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.
In this Purpose Driven FinTech episode we cover:
(0:00:00) Financial inclusion vs. financial access
(0:02:33) Resilience and overcoming challenges
(0:03:40) Viewing failure as a learning opportunity
(0:06:13) Taking initiative and upskilling in career
(0:07:28) Building purpose-driven fintechs with a public good element
(0:08:06) Investing time in understanding and future-proofing fintech
(0:10:09) Developing an industry strategy for the future
(0:10:59) Regulators in the UK and Europe lack a clear vision for the fintech agenda
(0:12:01) The convergence of open banking, real-time payments, identity, and AI is crucial
(0:12:54) The industry should coalesce around a clear direction for the next 20 years
(0:17:50) Open banking, open data, and open finance involve third-party access to customer accounts
(0:19:31) Open banking focuses on transactional accounts, while open finance includes other financial products
(0:20:03) Open data expands beyond financial data to include health, telco, and energy data
(0:21:57) Building open banking ecosystems requires adapting best practices to each market
(0:22:19) Financial inclusion and access vary depending on the market's development level
(0:23:30) Open banking is just one part of a bigger story of financial inclusion
(0:27:57) PSD3 regulation aims to standardize and open up all financial products
(0:30:48) Open finance will drive competition and innovation in the industry
(0:37:45) Open banking is not easily pitched to retail consumers as a positive thing
(0:40:09) Trust may not be the selling point for future generations in financial services.
(0:45:07) Diversity is important at all levels of the financial services industry
(0:49:33) Work with other industries to build inclusive financial products
SEARCH QUESTIONS
- What is the difference between open banking and open finance?
- How does open banking foster financial inclusion?
- What is open data in financial services?
- How do APIs enable secure data sharing?
- What is the role of regulators in open banking?
- How to implement open banking at national level?
- What are the benefits of open banking for consumers?
- How does screen scraping compare to API access?
- What is the future of open finance?
- How to build trust in open banking ecosystems?
- What are the challenges of deploying open banking?
- How does open banking improve competition?
- What is the journey from open banking to open data?
- How to reduce infrastructure costs in financial services?
- What is diversity in financial services policy?
- How to get into board positions in FinTech?
- What are the use cases for open finance?
- How does open banking work globally?
- What is the role of central banks in open banking?
- How to access younger customers in financial services?
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Production and marketing by Monica Millares. For inquiries about coaching, collabs, sponsoring the podcast or creating or editing your podcast email Monica at fintechwithmoni@gmail.com
Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.