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Lending, Open Banking

PYMNTS: Open Banking and Permission is the Future of Lending

PYMNTS talked with Finicity CEO Steve Smith about open banking, open finance, data aggregation, where we’re headed with technologies and standards and how consumer-permissioned data is the future of lending.

Innovation is largely occurring differently in each fintech segment so the usefulness of a broad open banking platform to provide relevant, quality data across investing, budgeting and mortgage is becoming more and more important.

“We’re entering an age in which – through open banking – consumers are increasingly comfortable sharing their personal financial data with third parties. And amid that “gold rush,” a slew of companies have popped up (mostly fintechs), promising to upend financial services, though they tend to focus on segments of financial life – investing, let’s say, or mortgages, or high-yield savings accounts.”

Read the full article here.