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Mr. Open Banking

Mr. Open Banking

Author: Eyal Sivan

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As the only podcast dedicated to open banking, our podcast strives to be one of the key voices in the global open banking community. The goal of the show is to educate people on how the world of finance is being shaken up by open banking, ultimately giving them more ways to save their money, move money around and improve their financial well-being. To those building open banking, we bring the unique perspectives of technology innovators, financial leaders and key influencers, as we aim to accelerate its continued evolution.‍
32 Episodes
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The India Stack

The India Stack

2023-12-2201:04:08

To make open banking work the way it is meant to, you need three major building blocks; data exchange, payments and digital ID. While many countries are working on these pieces, there is really only one place that has already built them all, into a fully-integrated, cohesive whole, at population scale: India. In the season four finale of Mr. Open Banking, Eyal sits down with Dr. Pramod Varma to discuss the uniquely successful digital transformation of India. Pramod is the Chief Architect behind a set of national systems known collectively as the India Stack, widely considered one of the most successful implementations of digital public infrastructure (DPI) in the world. The India stack includes Aadhaar, India's digital identity program for over 1.3 billion people, and the Unified Payments Interface (UPI), which today processes over 12 billion transactions a month. Eyal and Pramod take a journey through the history of digital transformation in India, and how they aim to become a fountainhead for the successful implementation of Digital Public Infrastructure all over the world.Specifically they discuss: • The meteoric rise of Aadhaar• How UPI drove financial inclusion• The bottom-up approach to open banking• Opening healthcare, e-commerce and more• Creating Digital Public Infrastructure (DPI)
Europe, widely considered the birthplace of open banking, has been on a journey to digitize their financial system for over 20 years. In this episode, we speak to a guest who has been on that road since the beginning, at the nexus of finance, technology and regulation. Dr. Ruth Wandöfer has been instrumental in shaping the future of finance in Europe, having positioned herself as one of the leading experts in the region. She is a  widely sought after speaker, writer and professor, with her opinions published in Sifted, The Financial Times and Forbes. She has published three books on digital finance, most recently, Redecentralisation – Building Our Digital Financial Ecosystem in 2023. Together, Eyal and Ruth delve into the origin of open banking in Europe, from the original Payment Services Directive to PSD2 , through to the future under PSD3. They then go well beyond, as they explore the future of our digital society at large. Specifically they discuss: • The history of open banking• Going from PSD to PSD2 to PSD3• How Web3 and CBDC will play a role• The Digital States that run our lives• Creating a Digital Social Contract
Digital Value

Digital Value

2023-11-1742:05

What defines the value of a thing? Is it a question of utility, aesthetics, rarity, emotional connection, or a combination of all these aspects? When it comes to digital assets, this question becomes even more complex, as evidenced by the rise and subsequent fall of NFTs. Beyond just digital, The continued evolution of Web3 and DeFi has now set the physical world and the digital world on a collision course, changing perceptions of ownership, trade and value. To dig deeper into the philosophical question of digital value and its impact on the physical world, Eyal turns to Bianca Lopes, economist, serial entrepreneur, and international speaker on the subjects of data, identity, fintech and crypto. Over the course of her career, Bianca has supported over 40 financial institutions and 8 governments to reshape their approach to technology, rethink the role of identity, and drive their innovation agendas, as she helps them understand the impact that data, identity and the future of finance will have on our lives.Specifically they discuss:• The rise and fall of NFTs• Determining the value of digital assets• How to go from speculation to utility• Creating digital twins for physical things• Building a sustainable, circular economy
Shifting Control

Shifting Control

2023-10-1043:04

Data fuels our digital lives, helping us make decisions, build relationships, and stay organized. To achieve these goals, we willingly share our personal data with various service providers, who give us search engines, social networks and e-commerce. But somewhere in the bargain, those providers encroached far beyond what the typical user understood. Our personal information, what makes us us, wasn’t just given, it was taken, in a way that makes it very hard to get back. To unpack this asymmetry and discuss a way forward, Eyal sits down with Liz Brandt, Co-Founder and CEO of Ctrl-Shift, a strategy and business innovation consultancy specializing in helping businesses realize the strategic value of trusted personal data. Anticipating that the use of personal data would become critical, Liz started the consulting firm Ctrl-Shift over 13 years ago, dedicating her career to identifying the opportunities and solving the challenges presented by the emergent personal information economy.Specifically they discuss: Why privacy remains importantUnderstanding the information sharing relationshipThe evolution of Ctrl-Shift Striking a balance between privacy and growthThe role of standardization and legislation
For most people, wallets are a staple accessory of their everyday lives. Yet today, the analog wallet is disappearing, to be replaced, like so many other things, by its digital twin. Digital wallets are now a reality and, like their physical predecessors, they will become an intrinsic part of our lives, so making sure they are built the right way is critical. To discuss the future of digital wallets, Eyal turns to Daniel Goldscheider, Founder of the OpenWallet Foundation, an organization dedicated to enabling a trusted digital future through interoperability for a wide range of use cases that leverage the software construct known as a digital wallet. Before founding the OpenWallet Foundation, Daniel was CEO of yes.com, a digital banking platform, and co-founded Mediaguide with the American Society of Composers, Authors and Publishers alongside Aureus Private Equity. He has served on the boards of the Global Footprint Network and Identity Trust Management, demonstrating his deep history building systems that aim to enshrine data rights.Specifically they discuss: The benefits of digital walletsWhat is driving the proliferation of digital walletsDigital wallets versus authenticator appsThe technology behind digital walletsThe relationship between digital wallets and open banking
The View From the Top

The View From the Top

2023-07-1940:53

Open banking is often cast as an antidote to the dominance of big banks. Given that its origins stem from the Great Financial Crisis of 2008, this perspective is not terribly surprising. But is this characterisation a fair one? Does open banking have to be a threat to big banks, or can it be turned into an opportunity? To answer these questions and more, we turn to Paul LaRusso. Paul is a business leader with over 20 years of experience in mobile financial services and technology. Paul is the CEO of Akoya, a bank-sanctioned data access network that is leading the way in the US open finance sector. Prior to joining Akoya, Paul served as the Head of Open Banking and Connected Banking at JP Morgan Chase, where he held technology leadership positions for almost 15 years. Today as head of Akoya, Paul aims to transform the way people share their data, making it more secure, private, reliable, and transparent. In this episode, Eyal and Paul unpack the history of open banking and the evolution in the market-driven approach that Paul has had the benefit of seeing up close.Specifically they discuss: The history of open bankingThe benefits of CFPB regulationsWhat the US can learn from the UKWhat the big banks need to knowWhy open banking is a two-way street
Is Open Banking Dead?

Is Open Banking Dead?

2023-06-2742:33

It’s no secret that global banking is experiencing some macroeconomic headwinds. Bank failures and consolidations continue to spread, albeit slowly. The question then becomes: How do these negative trends influence the direction of open data?Marie has been studying open consented data sharing since 2016. Through her current role as Open Futurist at Raidiam, she helps bring together the best people with the best ideas, facilitating the right conversations, and promoting the benefits of open data for consumers, businesses, countries and society at large. Eyal and Marie discuss the history of Open Future World, the current trajectory of open banking, and the shifting views of market players and regulators alike as they try to answer the burning question: Is open banking dead? Specifically they discuss: The rise and fall of Open Future WorldThe effect of economic headwindsWhy some banks still hesitate to investEcosystems within ecosystemsThe Raidiam trust framework
Bringing It All Together

Bringing It All Together

2022-12-2301:00:05

In the extended season finale of Mr. Open Banking, Eyal directly tackles the question of how open banking will change the way we interact with our money, in an attempt to build a vision of the open future. To do so, he breaks the problem down into the three core concepts at the heart of that claim: money, identity and open banking. When it comes to exploring the interplay between digital money and digital identity, one would be hard-pressed to find someone more knowledgeable than his guest, David G.W. Birch. An internationally-recognised author, advisor and commentator on digital financial services, David is often a keynote speaker at industry conferences and international events, a featured guest on business and finance television programs, and a regular contributor to prominent financial publications, including Forbes and The Financial Times. He is also the author of four books, including The Currency Cold War in 2020 and 2014’s Identity is the New Money, his seminal and prescient work on the future of finance. During their discussion, Eyal and David explore a wide range of topics, including the importance of reputation and how the money of the future resembles the money of the past.Specifically they discuss: The shifting form and function of moneyThe relationship between money, identity and reputationWhy cash becoming irrelevant is a good thingHow money is really a platform for trustHow digital identity differs from identity in the real worldWhy open banking standards should support identityBanks as the antidote to the one-sided Internet of today
Who Do You Trust?

Who Do You Trust?

2022-12-0842:08

As the open banking movement continues to unfold, many people are asking an obvious but entirely valid question: can we trust open banking? In this episode, Eyal explores the concept of trust in open banking, and how we can learn to trust the data sharing ecosystem upon which open banking is being built. To inform the discussion, he sits down with Ralph Bragg, the Co-Founder and CTO of Raidiam, a company that’s on a mission to create the world’s smartest, most trustworthy data sharing ecosystems. As an internationally-renowned expert in open banking technical standards and trust frameworks, Ralph helped the UK, Brazil and other regions build open banking they could trust. Together, Eyal and Ralph tackle what a data sharing ecosystem actually is, what it does and who the actors are that drive it forward, as well as essential security concepts like authentication, authorization and identity. Most importantly, Eyal and Ralph discuss why increasing consumer trust in open banking is critical, not just for the short term, but to rightly steer the evolution of the Internet itself for decades to come.Specifically they discuss: The purpose of a data sharing ecosystemStrengthening trust in open ecosystemsKey definitions around identity, security and consentBuilding an effective trust frameworkHow trust is enabled in the UK and BrazilComparing aggregated and federated modelsWhy trust is critical to the future of the Internet
When it comes to open banking globally, there are several factors that have acted as drivers for the movement, like competition, inclusion, stability and innovation. Although innovation takes a back seat in some regions, there is one place where it is firmly front-and-center: the Middle East. The Middle East and North Africa, a region known by the acronym MENA, has embarked on its own open banking journey, where Bahrain, Oman, the UAE, Saudi Arabia, Qatar, Kuwait, Israel and Egypt have all introduced some form of open banking initiatives. While they may vary in scope and approach, they all have one thing in common: a laser focus on modernizing their banking sectors with innovation acting as the primary driver. In this episode, Eyal will sit down with guest Hakan Eroglu, the Global Open Banking Lead at Mastercard. With more than 13 years of international experience in open banking strategy, Hakan is global in both title and practice. Eyal and Hakan’s focus on a subset of the MENA region, the countries who are members of the Gulf Cooperation Council, or the GCC.Specifically they discuss: The meaning of the term “over-banked”Key drivers of open banking in the MENA regionHow market vs. regulation is really a spectrumAn open banking tour of the the GCC members The differences between one country and anotherDigital ID, real-time payments and other extensions Open banking as a vehicle for innovation
Made in America

Made in America

2022-09-1246:38

Open banking definitions often differ from region to region. In the U.S., where open banking is decidedly market-driven, it is associated more with consent-driven data sharing, rather than standardization or regulation. Outside of regulatory constraints, U.S. open banking efforts are laser-focused on generating business value through true innovation. In this episode, Eyal sits down with Jane Barratt, the Chief Advocacy Officer at MX, one of the American leaders in account aggregation and a true fintech powerhouse. With over two decades of experience in the world of financial services, Jane has seen the open banking movement evolve from multiple perspectives. In her role at MX, Jane works with fintechs, financial institutions, policymakers and regulators to drive open banking initiatives that aim to fundamentally transform the world of finance. During the episode, Eyal and Jane discuss definitions of open banking from the perspective of a leading U.S. fintech, the evolution of standards and the future of American-made open banking.Specifically they discuss: Definitions of open banking from a U.S. fintechHow U.S. banks should approach data sharingWhy market-driven open banking leads to innovationThe advantages of not having regulatory constraintsGrowing adoption of the FDX standardThe road to U.S. open banking regulationsHow data should used to make customers’ lives better
Open Banking for All

Open Banking for All

2022-08-1140:10

Open banking aims to introduce common, open, shared standards for the secure exchange of financial data. As a result, whether you bank with one bank or five, fintech or credit union, JPMC or PayPal, you can finally see all your accounts together, in one place - a concept known as account aggregation. In this episode, Eyal discusses this concept with Rolands Mesters, the CEO and Co-Founder of Nordigen, a European account aggregator who provides connectivity to thousands of banks, absolutely free. A regular guest at fintech events, Rolands has been featured by the industry’s leading media outlets, including TechCrunch, Sifted and Medium, was included in Forbes 30 under 30, and is considered one of the foremost experts on open banking worldwide. During their discussion, Eyal and Rolands explore the story of account aggregation, including how it began, where it’s going in the future and why it might just be the key to building open banking for all.Specifically they discuss: The definition of account aggregationOrigins of account aggregation as a conceptThe impacts of open banking on aggregationHow bank connectivity became commoditized The new role of the account aggregatorThe democratization of open banking Including developers in the narrative
Out of Africa

Out of Africa

2022-07-1239:30

Introducing a disruptive movement like open banking into an already developed environment can be difficult. By contrast, introducing innovation where there is nothing to replace, often referred to as a “green field,” makes it possible to adopt the latest technology immediately, leapfrogging whatever came before. Africa, the ultimate green field, has been undergoing a quiet but steady technological renaissance over the past two decades, as it aims to leapfrog its peers. In this episode, Eyal sits down with Ismail Chaib from Yassir Tech Hub, a startup based out of his birthplace, Algeria. In 2011, Ismail was COO of the Open Bank Project, where he built open banking before the term was even invented. During their conversation, Eyal and Ismail discuss the back story behind the Open Bank Project, the explosion of fintech in Africa, and how open banking can accelerate that boom.Specifically they discuss:-The story of the Open Bank Project-The state of fintech in Africa-M-Pesa and the rise of mobile money-African emergence of open banking-Market vs. Regulatory-driven approaches-Challenges to fintech adoption in Africa-Financial inclusion for over a billion Africans
Despite the doubts of skeptics, the open banking movement is here and it’s evolving quickly. Right now, over 50 regions around the world are in various stages of implementing open banking, while some are already moving into the next stage of the progression: open finance. In this episode, Eyal sits down with Amit Mallick, the Global Open Banking Practice Lead at Accenture, to discuss the threat posed by open banking, and how major players like big banks can respond as they adjust their strategies to compete and succeed in the new financial ecosystem. During their conversation, Eyal and Amit discuss exactly what’s at stake as we transition to an open data economy ($416 billion in bank revenue, to be exact), how banks can best respond to the coming disruption, and how to discover entirely new kinds of opportunities. Specifically they discuss: Why the stakes are so highHow big banks can avoid losing market share Competition from banks and non-banksThe four core capabilities banks will need Why embedded finance is the key to valueThe evolution of super apps The transition to an open data economy
Value, Risk & Trust

Value, Risk & Trust

2022-05-3138:32

While most of the financial sector is in the process of implementing open banking, it’s time to look beyond the horizon to see where this evolution is heading. As open banking standards expand to address more and more sectors of the economy, we are moving from open banking to open finance to open data. Open data will enable individuals to grant and share access to every digital transaction, health record, or energy bill to merchants so they can receive customized services that meet their unique needs. In this episode, Eyal sits down with Samantha Seaton, a champion of financial wellness and CEO of award-winning fintech MoneyHub, to explore how open data is transforming the world. Sam discusses how banks will need to think differently to succeed in the open future, compelling them to revisit three fundamental tenets of banking: value, risk and trust. Specifically they discuss:   The current open banking landscape  How to generate new kinds of value  Empowering consumers to own their data  The risk-reward dynamic of banks and fintechs  Moving from open banking to open finance to open data  The importance of building customer trust  Curating your data an open world  
When it comes to both FinTech and open banking, the UK is leading the charge globally. In this episode, Eyal sits down with one of the key figures behind the country’s leadership in financial innovation: Charlotte Crosswell, the newly appointed Chair and Trustee of the Open Banking Implementation Entity (OBIE), which is the organization responsible for bringing open banking to the UK and acting as a shining example for the rest of the world. During their discussion, Charlotte shares her perspective on the UK’s strong FinTech reputation and how it’s evolved throughout her 25-year career serving in key leadership roles at the intersection of financial services, regulation and technology. She also offers her position on the UK’s national digital strategy, the factors that led to the UK’s success and the importance of a strong and inclusive culture. Finally, Charlotte offers her advice to peers in other regions hoping to help usher in this new age of open banking.Specifically they discuss:The UK’s FinTech landscapeCharlotte’s time as CEO of Innovate FinanceThe UK’s national digital strategyThe driving factors behind the UK’s open banking success The importance of culture in open bankingThe next incarnation of the OBIEThe future of open banking on a global scaleCharlotte’s advice for other practitioners aiming to adopt open bankingThe implications of smart data on businesses and individuals
The world of modern cryptocurrencies has evolved beyond just money, with currencies like Ethereum providing programmable open platforms to build the financial instruments of the future. These new tools aim to re-create and radically improve the centuries-old systems we have today, a movement that has come to be known as decentralized finance, or DeFi. As the head economist of Decentralized Protocols at ConsenSys, Lex Sokolin is an expert on DeFi, as well as crypto and FinTech in general. In his current role, he focuses on protocol crypto-economics, digital assets, public and private blockchains and decentralized finance. In this episode, Eyal and Lex sit down to discuss how DeFi is creating the fabric of an entirely new economy, including where open banking fits into the picture. They cover the difference between different cryptocurrencies, the introduction of smart contracts, and how DeFi is ushering in the new world of finance.Specifically they discuss:Overview of cryptoBitcoin vs. vs. other cryptocurrenciesWhat are smart contracts?The emergence of DeFiOpen banking as a bridgeThe old economy vs. the new
Chasing China

Chasing China

2021-07-2045:00

China has been at the frontier of digital banking innovation since 2014, when their tech giants WeChat and AliPay began driving banks to play catch up with raised user expectations. Creating an entirely different financial ecosystem than what one might experience in North America or even Europe, China’s banking is completely digitally integrated, with cash a long lost piece of the past. In this episode, Eyal sits down with banking innovation expert and author of “Cashless - China’s Digital Currency Revolution”, Richard Turrin, to discuss how China got here and where they are headed. They discuss the inner workings of China’s digital ecosystem, the role of WeChat and Alipay and the launch of Digital Yuan, and what regions with open banking aspirations can learn from China’s experience.Specifically they discuss:How market demand fuelled China’s cashless lifestyle;China’s different approach to open banking compared to the Western world;Whether or not digital yuan is levelling the playing field for banks; How CBDCs will coexist with payment apps; What others can learn from China’s digital banking journey
Open Banking in Europe

Open Banking in Europe

2021-06-1038:201

There is little doubt that the birthplace of open banking is Europe. As a concept, open banking can be traced to much earlier times, but it was Europe who, in 2015, enacted the first open banking legislation in the form of the PSD2. Fast forward to today, and Europe is reaping the rewards of being the first mover. Thousands of banks and hundreds of fintechs are now leveraging open banking to communicate with each other using common, secure standards, driving an explosion of innovative financial products and services all across the EU. Although Europe seems united behind common legislation, there have still been delays and confusion, and what works for some countries, doesn’t necessarily work for others. In this episode, Eyal sits down with Panagiotis Kriaris, Head of Business Development at German payment services provider Unzer. Panagiotis has been at the forefront of global open banking since it began, and has spent his career at the intersection of business and technology, bringing senior expertise to financial services across the board, including banking payments, fintech and e-commerce.Specifically, Eyal and Panagiotis discuss:The history and evolution of open banking in Europe;The inevitable disintermediation of financial services;The coming age of embedded finance;Banks that have been successful in open banking;Advice for those hoping to implement open banking.
The concept of digital disruption is no longer revolutionary for most businesses. In fact, digital transformation has become a prerequisite for ensuring you’re not left behind. Although banking is often perceived as a dated industry, banks are no strangers to digital disruption, dating back to the inception of ATMs. Yet disruption today is catapulting beyond familiar ground. The emergence and exponential development of the Internet has eliminated costs associated with running a bank and reaching your customers, costs that were previously considered fundamental. This opens up the door for competition and innovation, creating an environment where savvy customers demand intuitive, customized digital experiences from everyone they deal with - including their banks. In this episode, Eyal sits down with Andrew Moor, President and CEO of EQ Bank, Canada’s Challenger Bank. EQ is committed to exploring how banks can leverage technology to improve the societies in which they operate, so it comes as no surprise that they are strong advocates of open banking.Specifically, Eyal and Andrew discuss: The Canadian banking landscape;The role of the big five banks;Infrastructure modernization for open banking;How to succeed at launching a digital bank;Business models for banks in the open space.
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Comments (1)

millenial memelord

Sometimes the music is a bit too loud and overpowering.

Aug 15th
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