Open Banking started as a regulatory-driven shift, but it is now evolving into Open Finance and beyond – toward a fully interconnected Open Data economy. While banks have traditionally controlled financial data, new regulations and technological advancements are breaking down industry silos, enabling data to flow more freely across sectors.
The key question, notes CIOmover Amara Bouzayani, is no longer who owns the data, but who can derive the most value from it. Financial institutions, fintechs, Big Tech, and even non-financial players are now competing to monetize, analyze, and leverage data in ways previously unimaginable.
But this transformation extends far beyond banking. Open Data is already reshaping industries worldwide:
- Retail & E-commerce: Real-time financial and behavioral data power personalized recommendations, dynamic pricing, and frictionless payments.
- Healthcare: Secure data-sharing among providers, insurers, and pharmaceutical companies enhances patient care, optimizes treatments, and reduces costs.
- Insurance: Access to real-time financial and lifestyle data enables dynamic pricing, personalized policies, and more accurate risk assessment.
- Energy & Smart Cities: Cross-sector data sharing optimizes energy consumption, improves infrastructure planning, and reduces waste.
The opportunities are immense – but so are the challenges:
Who governs this new data economy? How can organizations balance innovation with privacy, security, and regulatory compliance ?
As Open Banking transitions into Open Data, financial institutions face a critical decision:
Will they lead and shape this ecosystem, or risk being disintermediated?
Let’s discuss how CIOs – from banking and beyond – can position themselves in this new landscape, seize opportunities, and mitigate risks.
