On Open Finance

Now it’s time for yet another chapter in this evolution, open finance. If decentralized finance is the wild wild west of banking, where the “red tape” rules and administrators have run for the hills, open finance is the slightly more traditional entity. The formal structure, in place for decades, is changing for a new set of players.

It’s no secret that the banking and financial sector has been slow to evolve, but formidable external elements have forced its hands. These include threats from FinTechs and other businesses, an urgency to outperform new competition, and lastly, a desire to help those without access to banking services.