When the Consumer Financial Protection Bureau released its final rule under Dodd-Frank’s Section 1033, the world of open banking and finance was set to change in unprecedented ways, not least of which is banks’ ability to innovate faster and remain agile by “co-creating” value-added products and services developed by fintechs, while still remaining compliant with requirements to protect the consumer data that is accessed and shared. An expert panel discusses the monetization and innovation potentials of APIs-as-a-Service to fintechs and the emergence of open API marketplaces, advantages of proactive compliance, third-party risk management, the need for data architecture upgrades to handle real-time access and sharing, and monitoring systems to track data access and security.
