FISERV
The future of open finance Sunil Sachdev believes that we can look forward to a bright future in fintech , thanks in part to the power of open finance . Perhaps surprisingly , he likens it to the galactic empire : “ If I were to hypothesise on the future of open finance , I ’ d point to Star Wars and other futuristic movies , where payments and exchanges of value leverage some form of universal currency . I think that ' s what ' s promising about embedded finance and modern finance more holistically : we ' re able to embed payments and other digital assets into user experiences so transactions become much more seamless , and the fungibility of the underlying assets needed to enable a universal currency increases .
“ Ultimately , it represents the ability for all of us to be on the same tender type , so to speak . Given the current direction of digital identity and real-time payments around the world , it ’ s hard not to see that we are moving quickly towards a universal payment vehicle that accounts for identity and value exchanged at the time of the transaction . It ’ s a future where you don ' t have to worry about geographical or regulatory limitations for whatever product or service you ' re looking to access .”
In terms of data ownership specifically , Matt Wilcox continues : “ We ' re headed towards an environment where data is going to move more freely , but in a really sound and safe way . There will be more of a governing body around the movement of data – similar to what we ' ve seen in other regions .
“ Direct connections and direct access to data will open up innovation , because , despite the progress we have made in open finance around pulling in all of the financial data on behalf of a consumer or a business , we still have a way to go .
“ I still think that the pace of innovation can increase exponentially , and I still think that there are too many entry points for access to the consumer ' s data . On behalf of the consumer , I ' d like to see open finance really streamline that so we can put the consumer in a decision-making role on how their data can be used and shared . We ' ve seen that , when we give them that ability , they ' re not necessarily restricted but they ' re exposed to the benefits of that personalised experience .”
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