Open banking opens doors to innovation

Technology and strategy drive new possibilities

In this episode of our Banking on the Future podcast series, we’re joined by Kate Drew, director of research at CCG Catalyst Consulting, and Mark Moroz, executive vice president of innovation and products at Live Oak Bank. They explore open banking in the U.S. Unlike open banking in the EU, which is tightly defined by regulation, in the U.S. the definition and opportunities are wide open. Financial institutions, fintechs and other third parties use application programing interfaces to innovate products, services and customer relationships.

The success of programs like SoFi, Mint and Venmo underscore the consumer appetite for solutions that make it faster, easier and more convenient to move money and pay bills. Open banking solutions are also making it easier to find deals on loans and other banking products. Banks that effectively innovate open banking solutions to offer customers that kind of transparency and convenience stand to gain significant advantage.

Listen to more Banking on the Future podcasts on our Banking industry page.