In today’s data-driven society things are changing fast. Banks and other organisations need to embrace change and adapt in order to survive. Data portability, a relatively new concept born out of the new Open Banking legislation, is providing a raft of opportunities, benefits and challenges for organisations, depending which hat they are wearing.
As consumers, data portability enables ease of movement between service providers and opens up the world of choice; for FinTech companies, it offers access to enormous pools of data, once the domain of the large financial service firms, and allows them to analyse the information, providing improved insight and ultimately a more competitive offering for consumers; for the incumbent large financial services firms, data portability goes against everything they stand for, client data security above everything.
Two of Brickendon’s data experts, Partner Nathan Snyder and Senior Consultant Corneliu Dicusar discuss the issue of data portability in the latest edition of International Finance (Volume IV Issue 4). Download the PDF and refer to page 18 and 19 for the full article.