The Growth of Open Banking

FinTech Magazine speaks to VP and Head of Open Banking at EPAM, Alistair Brown, about the growing adoption rates of open banking.

Brown says: “The first step in open banking has been to provide personal financial management (PFM). Imagine a pie chart on your mobile phone of your expenditure, open banking would show you the dynamic changes within each of the slices.”

Commending the industry for being “way ahead” in open banking since PSD2 laid to groundwork for open banking to revolutionise financial services, Brown still thinks “a lot more” can be done to take open banking further.

“Looking at the whole open finance and open data world, the capabilities that are unleashed by having greater quality data will enable organisations to sell better products, to the right clients at the right time and in the right place,” Brown explains.

Watch the full interview here.

Learn more about EPAM’s work within the financial services industry: https://www.epam.com/industries/financial-services