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.