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We are living through a period of unprecedented technological change, an era that has been dubbed the Fourth Industrial Revolution. Building upon the previous three, this current transformative era is marked by the convergence of advanced technologies, such as robotics, AI, IoT and blockchain, that together are reshaping both industries and society at large. Navigating all these changes can be a challenge; more and more, it feels like looking into the future offers nothing but a blur. But among the interconnections between these technological trends lies opportunity.
In this episode, Eyal sits down with Dr. Efi Pylarinou, renowned Fintech influencer and Co-author of Fast Future Blur, to discuss how this period of rapid digital transformation is shaping our future, including how business archetypes are evolving, the types of leaders we need and the crucial role of open standards.
Specifically they discuss:
The Fourth Industrial RevolutionThe four business archetypesMoving from digital native to AI nativeHow the nature of banking is changingThe importance of openness -
Imagine a world where financial services are no longer separate, daunting entities but seamlessly integrated into the digital experiences you know and love. A world where buying a car, booking a trip, or even grabbing a coffee means having instant access to personalized financing options, secure payments, and innovative insurance solutions. This is Embedded Finance: an omnipresent, invisible hand guiding your financial decisions with unprecedented ease and intelligence, so that financial services are always there when you need them, and fade into the background when you donāt. In this episode, Eyal sits down with Simon Torrance, CEO and Founder of Embedded Finance & Insurance Strategies, to discuss how open banking, paired with real-time payments and agentic A.I., will help fill the gap between financial needs and financial services.
Specifically they discuss:
Why Embedded Finance is about collaborationAdvantages to banks and non-banks alikeMoving from Embedded Finance 1.0 to 2.0The Embedded Finance operating systemReal-time payments and agentic A.I. -
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The open banking community has long believed the path to open data starts with open banking. The general idea is that the common standards used to share banking data will inevitably expand in scope, leading to open data standards which will eventually cover all sectors of the economy. Australia, unique among open banking regions, has been on that road for several years. Although some now say their ambitious regulatory effort, the Consumer Data Right (CDR), has fallen short of its initial bold vision. In this episode, Eyal sits down with Jamie Leach, Open Data Strategist for Raidiam, and a self-proclaimed data champion. Jamie and Eyal discuss the origins of open banking in Australia, the significant challenges the CDR now faces, and the future of open data in the region.
Specifically they discuss:
The origins of Australiaās foray into open dataWhat made CDR so ambitious and forward-thinkingThe challenges that have caused the CDR to stallHow ConnectID offered a market-driven alternativeWhere Australian open banking is headed from here -
To date, the United States has taken a staunchly market-driven approach to open banking, and has been doing so for decades. But all that is about to change: the U.S. has now begun their own journey towards regulated open banking, with the Consumer Financial Protection Bureau (CFPB) introducing a new regulation to solidify and protect Personal Financial Data Rights. In this episode, Eyal sits down with John Pitts, the Global Head of Policy at Plaid, the most well-known financial data aggregator in the world, who enables more than 100 million consumers to link their financial accounts with over 8,000 apps across 17 countries. Prior to joining Plaid, John served as Deputy Assistant Director for Intergovernmental Affairs at the CFPB, working to promote cooperation and coordination in enforcing the Consumer Financial Protection Act, also known as Dodd-Frank. John and Eyal discuss the CFPBās proposed regulation, its effect on consumers, the impact to banks and the larger question of how data rights will come to America.
Specifically they discuss:
The old era vs. the new eras of U.S. open bankingThe CFPBās Personal Financial Data Rights regulationHow regulators and markets balance one anotherImpact to consumers, banks and other stakeholdersCreating a new deal with our technology providers -
The growth of open banking is historically driven by environmental factors. In environments marked by wealth inequality, or a lack of trust in traditional finance, open banking flourishes as a promising alternative. Conversely, in stable environments, it often stagnates, viewed as a needless risk. Canada, known for its risk aversion, exemplifies this trend. To open season 5 of Mr. Open Banking, Eyal sits down with Abraham Tachjian, Director of Digital Banking at PwC Canada and the former Open Banking Lead for all of Canada, to discuss whether conservative Canada will be ready for the coming wave. In March of 2022, Abraham was appointed by the Canadian Department of Finance to lead the development of a national open banking framework, and for the last two years he has been doing just that. Eyal and Abraham explore the key role Abraham has had in delivering a guidebook for open banking in Canada, lessons learned along the way, and what the next steps are for all stakeholders involved.
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Specifically they discuss:
ā¢ The formative years of open banking in Canada
ā¢ The importance of strong governance
ā¢ How the work was structured and approached
ā¢ Canadian open banking versus the other regions
ā¢ The future of open banking in Canada
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To make open banking work the way it is meant to, you need three major building blocks; data exchange, payments and digital ID. While many countries are working on these pieces, there is really only one place that has already built them all, into a fully-integrated, cohesive whole, at population scale: India. In the season four finale of Mr. Open Banking, Eyal sits down with Dr. Pramod Varma to discuss the uniquely successful digital transformation of India. Pramod is the Chief Architect behind a set of national systems known collectively as the India Stack, widely considered one of the most successful implementations of digital public infrastructure (DPI) in the world. The India stack includes Aadhaar, India's digital identity program for over 1.3 billion people, and the Unified Payments Interface (UPI), which today processes over 12 billion transactions a month. Eyal and Pramod take a journey through the history of digital transformation in India, and how they aim to become a fountainhead for the successful implementation of Digital Public Infrastructure all over the world.
Specifically they discuss:
ā¢ The meteoric rise of Aadhaar
ā¢ How UPI drove financial inclusion
ā¢ The bottom-up approach to open banking
ā¢ Opening healthcare, e-commerce and more
ā¢ Creating Digital Public Infrastructure (DPI)
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Europe, widely considered the birthplace of open banking, has been on a journey to digitize their financial system for over 20 years. In this episode, we speak to a guest who has been on that road since the beginning, at the nexus of finance, technology and regulation. Dr. Ruth Wandhƶfer has been instrumental in shaping the future of finance in Europe, having positioned herself as one of the leading experts in the region. She is a widely sought after speaker, writer and professor, with her opinions published in Sifted, The Financial Times and Forbes. She has published three books on digital finance, most recently, Redecentralisation ā Building Our Digital Financial Ecosystem in 2023. Together, Eyal and Ruth delve into the origin of open banking in Europe, from the original Payment Services Directive to PSD2 , through to the future under PSD3. They then go well beyond, as they explore the future of our digital society at large.
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Specifically they discuss:
ā¢ The history of open banking
ā¢ Going from PSD to PSD2 to PSD3
ā¢ How Web3 and CBDC will play a role
ā¢ The Digital States that run our lives
ā¢ Creating a Digital Social Contract
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What defines the value of a thing? Is it a question of utility, aesthetics, rarity, emotional connection, or a combination of all these aspects? When it comes to digital assets, this question becomes even more complex, as evidenced by the rise and subsequent fall of NFTs. Beyond just digital, The continued evolution of Web3 and DeFi has now set the physical world and the digital world on a collision course, changing perceptions of ownership, trade and value. To dig deeper into the philosophical question of digital value and its impact on the physical world, Eyal turns to Bianca Lopes, economist, serial entrepreneur, and international speaker on the subjects of data, identity, fintech and crypto. Over the course of her career, Bianca has supported over 40 financial institutions and 8 governments to reshape their approach to technology, rethink the role of identity, and drive their innovation agendas, as she helps them understand the impact that data, identity and the future of finance will have on our lives.
Specifically they discuss:
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ā¢ The rise and fall of NFTs
ā¢ Determining the value of digital assets
ā¢ How to go from speculation to utility
ā¢ Creating digital twins for physical things
ā¢ Building a sustainable, circular economy
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Data fuels our digital lives, helping us make decisions, build relationships, and stay organized. To achieve these goals, we willingly share our personal data with various service providers, who give us search engines, social networks and e-commerce. But somewhere in the bargain, those providers encroached far beyond what the typical user understood. Our personal information, what makes us us, wasnāt just given, it was taken, in a way that makes it very hard to get back. To unpack this asymmetry and discuss a way forward, Eyal sits down with Liz Brandt, Co-Founder and CEO of Ctrl-Shift, a strategy and business innovation consultancy specializing in helping businesses realize the strategic value of trusted personal data. Anticipating that the use of personal data would become critical, Liz started the consulting firm Ctrl-Shift over 13 years ago, dedicating her career to identifying the opportunities and solving the challenges presented by the emergent personal information economy.
Specifically they discuss:
Why privacy remains importantUnderstanding the information sharing relationshipThe evolution of Ctrl-Shift Striking a balance between privacy and growthThe role of standardization and legislation -
For most people, wallets are a staple accessory of their everyday lives. Yet today, the analog wallet is disappearing, to be replaced, like so many other things, by its digital twin. Digital wallets are now a reality and, like their physical predecessors, they will become an intrinsic part of our lives, so making sure they are built the right way is critical. To discuss the future of digital wallets, Eyal turns to Daniel Goldscheider, Founder of the OpenWallet Foundation, an organization dedicated to enabling a trusted digital future through interoperability for a wide range of use cases that leverage the software construct known as a digital wallet. Before founding the OpenWallet Foundation, Daniel was CEO of yes.com, a digital banking platform, and co-founded Mediaguide with the American Society of Composers, Authors and Publishers alongside Aureus Private Equity. He has served on the boards of the Global Footprint Network and Identity Trust Management, demonstrating his deep history building systems that aim to enshrine data rights.
Specifically they discuss:
The benefits of digital walletsWhat is driving the proliferation of digital walletsDigital wallets versus authenticator appsThe technology behind digital walletsThe relationship between digital wallets and open banking -
Open banking is often cast as an antidote to the dominance of big banks. Given that its origins stem from the Great Financial Crisis of 2008, this perspective is not terribly surprising. But is this characterisation a fair one? Does open banking have to be a threat to big banks, or can it be turned into an opportunity? To answer these questions and more, we turn to Paul LaRusso. Paul is a business leader with over 20 years of experience in mobile financial services and technology. Paul is the CEO of Akoya, a bank-sanctioned data access network that is leading the way in the US open finance sector. Prior to joining Akoya, Paul served as the Head of Open Banking and Connected Banking at JP Morgan Chase, where he held technology leadership positions for almost 15 years. Today as head of Akoya, Paul aims to transform the way people share their data, making it more secure, private, reliable, and transparent. In this episode, Eyal and Paul unpack the history of open banking and the evolution in the market-driven approach that Paul has had the benefit of seeing up close.
Specifically they discuss:
The history of open bankingThe benefits of CFPB regulationsWhat the US can learn from the UKWhat the big banks need to knowWhy open banking is a two-way street -
Itās no secret that global banking is experiencing some macroeconomic headwinds. Bank failures and consolidations continue to spread, albeit slowly. The question then becomes: How do these negative trends influence the direction of open data?
Marie has been studying open consented data sharing since 2016. Through her current role as Open Futurist at Raidiam, she helps bring together the best people with the best ideas, facilitating the right conversations, and promoting the benefits of open data for consumers, businesses, countries and society at large. Eyal and Marie discuss the history of Open Future World, the current trajectory of open banking, and the shifting views of market players and regulators alike as they try to answer the burning question: Is open banking dead?
Specifically they discuss:
The rise and fall of Open Future WorldThe effect of economic headwindsWhy some banks still hesitate to investEcosystems within ecosystemsThe Raidiam trust framework -
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 2014ās 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 thatās on a mission to create the worldās 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.
ļ»æļ»æļ»æļ»æļ»æļ»æSpecifically 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 Hakanās focus on a subset of the MENA region, the countries who are members of the Gulf Cooperation Council, or the GCC.
ļ»æļ»æļ»æļ»æļ»æļ»æSpecifically they discuss:
The meaning of the term āover-bankedāKey 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 customersā 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 industryās 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 itās going in the future and why it might just be the key to building open banking for all.
ļ»æļ»æļ»æļ»æļ»æļ»æļ»æļ»æSpecifically 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 āgreen field,ā 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
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Despite the doubts of skeptics, the open banking movement is here and itās 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 whatās 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, itās 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
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