What does the future of digital ecosystems look like ? Will open banking expand further to open data ? What is the limit of digital ecosystems in financial services ?
Jamil Jiva : The future of digital ecosystems is likely to extend beyond open banking towards a broader concept of open data , encompassing multiple sectors and integrating various types of consumer data . This expansion will enhance the personalisation of services and increase operational efficiencies across industries . This growth must keep in mind data privacy , security , and regulatory compliance to ensure sustainable and secure expansion .
Also , generative AI shows potential for acting like an agile integration architect , automatically generating code and API
“ The future of digital ecosystems is likely to extend beyond open banking towards a broader concept of open data ”
JAMIL JIVA , GLOBAL HEAD OF ASSET MANAGEMENT LINEDATA calls to catalyse further innovation . The limits of these ecosystems will be defined by the extent to which they can innovate while ensuring compliance and security in an increasingly regulated global market .
Ben Hunter : There is no limit to how digital we can become , but there will be a limit to how far regulators and country laws will dictate . Markets , industries and enterprise organisations will be watched with a close eye to ensure mitigation is considered from any kind of systemic risk or catastrophic failure .
We are already seeing this from the PRA , FCA & BofE and DORA regarding resilience , and with data sovereignty laws where tighter controls are being mandated to ensure personal or sensitive data are controlled appropriately – such as Shrems II and other local country laws from India , China , Saudi and Pakistan to name a few .
Data residency is a big concern at the moment and we are seeing many of our clients – both new and existing – asking for our help to ensure they meet regulatory and country compliance by leveraging our data locality features and functionality .
78 July 2024