A 10-minute guide
While still in its infancy, Open Banking already shows signs of revolutionizing the financial world. Forced by regulators, consumer pressure, or both, banks around the world continue to adopt the central tenet of Open Banking: make it easy for consumers to share their financial data with third-party service providers, and allow those third parties to initiate transactions.
Open Banking requires a fundamental change in a bank’s data infrastructure and its relationship with data. Banks need to transition from sole owners of financial data and the customer relationship to partners in a new, distributed network of services.
Banks are overcoming these limitations and embracing Open Banking by remodeling their approach to data, building a data mesh using a modern application data platform.
Read this guide to learn:
- What a data mesh is and why is it on the rise
- The open opportunity for banks to create new business models and services to grow customer relationships
- How polymorphic access controls can keep you secure
- How an application data platform maps to important roles within the data mesh
