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WATCH ON DEMAND

Open Banking in the U.S. 

Join Alex Johnson (Founder, Fintech Takes) as he leads a thought-provoking panel featuring Paul LaRusso (CEO, Akoya), Dan Pilemer (CEO, CardWorks), and Matt Lattman (SVP, Discover) on the future of open banking in the U.S. This session digs deep into the challenges, opportunities, and transformations in data-sharing, compliance, and consumer empowerment in the financial landscape.

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Key takeaways

  • Regulation Driving Change: Section 1033 and forthcoming regulations will revolutionize open banking by mandating greater data-sharing across financial institutions. This will shift the industry from a market-driven to a regulation-driven framework, impacting how data is accessed and controlled. Using APIs and structured data feeds can improve customer service and reliability.
  • Consumer-Centric Empowerment: Open banking places power back in the hands of consumers by offering more transparency, control, and personalized experiences. Banks must prioritize “micro moments of delight” to maintain customer loyalty in a more competitive environment. While consumers benefit from increased choice, banks will need to innovate and offer seamless experiences to avoid churn.
  • Balancing Compliance with Innovation: The panel explored how financial institutions must address both opportunities and compliance challenges. Implementing cash flow underwriting offers significant advantages, but it also requires careful monitoring to avoid regulatory pitfalls. Ensuring consumer data security and avoiding unintended biases are top priorities in this evolving ecosystem.
  • Strategic Partnerships: Open banking demands collaboration across fintechs, banks, and third-party data providers. Banks that prioritize strategic partnerships will have the edge in navigating this complex space, as integration with trusted fintech partners will enable them to offer cutting-edge financial services while maintaining compliance.
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Watch all of the Sessions from Cash Flow Underwriting Summit
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Watch all of the Sessions from Cash Flow Underwriting Summit
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