FISERV
According to the Pew Research Center , nearly 80 % of Americans are concerned by how their personal data is being used online – and a similar percentage report having little to no confidence that companies will admit to mistakes and accept responsibility if a data breach occurs . That level of distrust is not exactly conducive to broader adoption of new services among consumers , so taking the right precautions is more vital than ever .
One of the things that Fiserv has built into its AllData platform is an extension called AllData Connect , which allows banks and financial institutions to determine who is able to pull data into , and out of , their ecosystem . Consumers can also decide whether they ’ re willing to share personal data with a certain fintech or a specific integrator . “ That puts the permissioning rights over consumer data in the consumer ’ s hands ,” Wilcox says .
Fiserv will guide that process to ensure the proper checks are done on the data being loaded into an ecosystem , but its main focus is very much on putting the right technology tools – and subsequently , the power – into consumer ’ s hands . This entire approach replaces the screen scraping model , which can be challenging to maintain .
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 neededto 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 ’ relooking 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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