Mr. Open Banking

In the extended season finale of Mr. Open Banking, Eyal directly tackles the question of how open banking will change the way we interact with our money, in an attempt to build a vision of the open future. To do so, he breaks the problem down into the three core concepts at the heart of that claim: money, identity and open banking. When it comes to exploring the interplay between digital money and digital identity, one would be hard-pressed to find someone more knowledgeable than his guest, David G.W. Birch. An internationally-recognised author, advisor and commentator on digital financial services, David is often a keynote speaker at industry conferences and international events, a featured guest on business and finance television programs, and a regular contributor to prominent financial publications, including Forbes and The Financial Times. He is also the author of four books, including The Currency Cold War in 2020 and 2014’s Identity is the New Money, his seminal and prescient work on the future of finance. During their discussion, Eyal and David explore a wide range of topics, including the importance of reputation and how the money of the future resembles the money of the past.Specifically they discuss: The shifting form and function of moneyThe relationship between money, identity and reputationWhy cash becoming irrelevant is a good thingHow money is really a platform for trustHow digital identity differs from identity in the real worldWhy open banking standards should support identityBanks as the antidote to the one-sided Internet of today

As the open banking movement continues to unfold, many people are asking an obvious but entirely valid question: can we trust open banking? In this episode, Eyal explores the concept of trust in open banking, and how we can learn to trust the data sharing ecosystem upon which open banking is being built. To inform the discussion, he sits down with Ralph Bragg, the Co-Founder and CTO of Raidiam, a company that’s on a mission to create the world’s smartest, most trustworthy data sharing ecosystems. As an internationally-renowned expert in open banking technical standards and trust frameworks, Ralph helped the UK, Brazil and other regions build open banking they could trust. Together, Eyal and Ralph tackle what a data sharing ecosystem actually is, what it does and who the actors are that drive it forward, as well as essential security concepts like authentication, authorization and identity. Most importantly, Eyal and Ralph discuss why increasing consumer trust in open banking is critical, not just for the short term, but to rightly steer the evolution of the Internet itself for decades to come.Specifically they discuss: The purpose of a data sharing ecosystemStrengthening trust in open ecosystemsKey definitions around identity, security and consentBuilding an effective trust frameworkHow trust is enabled in the UK and BrazilComparing aggregated and federated modelsWhy trust is critical to the future of the Internet

When it comes to open banking globally, there are several factors that have acted as drivers for the movement, like competition, inclusion, stability and innovation. Although innovation takes a back seat in some regions, there is one place where it is firmly front-and-center: the Middle East. The Middle East and North Africa, a region known by the acronym MENA, has embarked on its own open banking journey, where Bahrain, Oman, the UAE, Saudi Arabia, Qatar, Kuwait, Israel and Egypt have all introduced some form of open banking initiatives. While they may vary in scope and approach, they all have one thing in common: a laser focus on modernizing their banking sectors with innovation acting as the primary driver. In this episode, Eyal will sit down with guest Hakan Eroglu, the Global Open Banking Lead at Mastercard. With more than 13 years of international experience in open banking strategy, Hakan is global in both title and practice. Eyal and Hakan’s focus on a subset of the MENA region, the countries who are members of the Gulf Cooperation Council, or the GCC.Specifically they discuss: The meaning of the term “over-banked”Key drivers of open banking in the MENA regionHow market vs. regulation is really a spectrumAn open banking tour of the the GCC members The differences between one country and anotherDigital ID, real-time payments and other extensions Open banking as a vehicle for innovation

Open banking definitions often differ from region to region. In the U.S., where open banking is decidedly market-driven, it is associated more with consent-driven data sharing, rather than standardization or regulation. Outside of regulatory constraints, U.S. open banking efforts are laser-focused on generating business value through true innovation. In this episode, Eyal sits down with Jane Barratt, the Chief Advocacy Officer at MX, one of the American leaders in account aggregation and a true fintech powerhouse. With over two decades of experience in the world of financial services, Jane has seen the open banking movement evolve from multiple perspectives. In her role at MX, Jane works with fintechs, financial institutions, policymakers and regulators to drive open banking initiatives that aim to fundamentally transform the world of finance. During the episode, Eyal and Jane discuss definitions of open banking from the perspective of a leading U.S. fintech, the evolution of standards and the future of American-made open banking.Specifically they discuss: Definitions of open banking from a U.S. fintechHow U.S. banks should approach data sharingWhy market-driven open banking leads to innovationThe advantages of not having regulatory constraintsGrowing adoption of the FDX standardThe road to U.S. open banking regulationsHow data should used to make customers’ lives better

Open banking aims to introduce common, open, shared standards for the secure exchange of financial data. As a result, whether you bank with one bank or five, fintech or credit union, JPMC or PayPal, you can finally see all your accounts together, in one place - a concept known as account aggregation. In this episode, Eyal discusses this concept with Rolands Mesters, the CEO and Co-Founder of Nordigen, a European account aggregator who provides connectivity to thousands of banks, absolutely free. A regular guest at fintech events, Rolands has been featured by the industry’s leading media outlets, including TechCrunch, Sifted and Medium, was included in Forbes 30 under 30, and is considered one of the foremost experts on open banking worldwide. During their discussion, Eyal and Rolands explore the story of account aggregation, including how it began, where it’s going in the future and why it might just be the key to building open banking for all.Specifically they discuss: The definition of account aggregationOrigins of account aggregation as a conceptThe impacts of open banking on aggregationHow bank connectivity became commoditized The new role of the account aggregatorThe democratization of open banking Including developers in the narrative

Introducing a disruptive movement like open banking into an already developed environment can be difficult. By contrast, introducing innovation where there is nothing to replace, often referred to as a “green field,” makes it possible to adopt the latest technology immediately, leapfrogging whatever came before. Africa, the ultimate green field, has been undergoing a quiet but steady technological renaissance over the past two decades, as it aims to leapfrog its peers. In this episode, Eyal sits down with Ismail Chaib from Yassir Tech Hub, a startup based out of his birthplace, Algeria. In 2011, Ismail was COO of the Open Bank Project, where he built open banking before the term was even invented. During their conversation, Eyal and Ismail discuss the back story behind the Open Bank Project, the explosion of fintech in Africa, and how open banking can accelerate that boom.Specifically they discuss:-The story of the Open Bank Project-The state of fintech in Africa-M-Pesa and the rise of mobile money-African emergence of open banking-Market vs. Regulatory-driven approaches-Challenges to fintech adoption in Africa-Financial inclusion for over a billion Africans

Despite the doubts of skeptics, the open banking movement is here and it’s evolving quickly. Right now, over 50 regions around the world are in various stages of implementing open banking, while some are already moving into the next stage of the progression: open finance. In this episode, Eyal sits down with Amit Mallick, the Global Open Banking Practice Lead at Accenture, to discuss the threat posed by open banking, and how major players like big banks can respond as they adjust their strategies to compete and succeed in the new financial ecosystem. During their conversation, Eyal and Amit discuss exactly what’s at stake as we transition to an open data economy ($416 billion in bank revenue, to be exact), how banks can best respond to the coming disruption, and how to discover entirely new kinds of opportunities. Specifically they discuss: Why the stakes are so highHow big banks can avoid losing market share Competition from banks and non-banksThe four core capabilities banks will need Why embedded finance is the key to valueThe evolution of super apps The transition to an open data economy

While most of the financial sector is in the process of implementing open banking, it’s time to look beyond the horizon to see where this evolution is heading. As open banking standards expand to address more and more sectors of the economy, we are moving from open banking to open finance to open data. Open data will enable individuals to grant and share access to every digital transaction, health record, or energy bill to merchants so they can receive customized services that meet their unique needs. In this episode, Eyal sits down with Samantha Seaton, a champion of financial wellness and CEO of award-winning fintech MoneyHub, to explore how open data is transforming the world. Sam discusses how banks will need to think differently to succeed in the open future, compelling them to revisit three fundamental tenets of banking: value, risk and trust. Specifically they discuss:   The current open banking landscape  How to generate new kinds of value  Empowering consumers to own their data  The risk-reward dynamic of banks and fintechs  Moving from open banking to open finance to open data  The importance of building customer trust  Curating your data an open world  

When it comes to both FinTech and open banking, the UK is leading the charge globally. In this episode, Eyal sits down with one of the key figures behind the country’s leadership in financial innovation: Charlotte Crosswell, the newly appointed Chair and Trustee of the Open Banking Implementation Entity (OBIE), which is the organization responsible for bringing open banking to the UK and acting as a shining example for the rest of the world. During their discussion, Charlotte shares her perspective on the UK’s strong FinTech reputation and how it’s evolved throughout her 25-year career serving in key leadership roles at the intersection of financial services, regulation and technology. She also offers her position on the UK’s national digital strategy, the factors that led to the UK’s success and the importance of a strong and inclusive culture. Finally, Charlotte offers her advice to peers in other regions hoping to help usher in this new age of open banking.Specifically they discuss:The UK’s FinTech landscapeCharlotte’s time as CEO of Innovate FinanceThe UK’s national digital strategyThe driving factors behind the UK’s open banking success The importance of culture in open bankingThe next incarnation of the OBIEThe future of open banking on a global scaleCharlotte’s advice for other practitioners aiming to adopt open bankingThe implications of smart data on businesses and individuals

The world of modern cryptocurrencies has evolved beyond just money, with currencies like Ethereum providing programmable open platforms to build the financial instruments of the future. These new tools aim to re-create and radically improve the centuries-old systems we have today, a movement that has come to be known as decentralized finance, or DeFi. As the head economist of Decentralized Protocols at ConsenSys, Lex Sokolin is an expert on DeFi, as well as crypto and FinTech in general. In his current role, he focuses on protocol crypto-economics, digital assets, public and private blockchains and decentralized finance. In this episode, Eyal and Lex sit down to discuss how DeFi is creating the fabric of an entirely new economy, including where open banking fits into the picture. They cover the difference between different cryptocurrencies, the introduction of smart contracts, and how DeFi is ushering in the new world of finance.Specifically they discuss:Overview of cryptoBitcoin vs. vs. other cryptocurrenciesWhat are smart contracts?The emergence of DeFiOpen banking as a bridgeThe old economy vs. the new