Open Banking 5: Wrap Up with Clayton Feick | E163

Reviewing the key facts and findings on Open Banking.

In this 163rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Clayton Feick (Flinks) to go over the fundamental concepts of Open Banking!

Episode Highlights:

  • 1:33 – Clayton Feick gives an update on his role at Flinks.

  • 3:07 – Jason and Clayton discuss the leveraging of data with Open Banking.

  • 4:01 – What is Open Banking in layman's terms?

  • 5:22 – Clayton explains screen scraping as a way to access data.

  • 6:45 – Jason and Clayton break down the current barriers to user data.

  • 11:10 – Clayton discusses the banks’ struggles to adapt to a new environment.

  • 14:01 – Was there anything of note that came up during Clayton’s global panel?

  • 16:15 – Jason and Clayton discuss innovation and regulation coming together on a global scale.

  • 20:34 – Jayson and Clayton dive into the responsibilities of regulators and legislators surrounding data rights.

  • 22:31 – How does the Open Banking framework go about its security?

  • 25:54 – If Clayton could change one thing about the industry, what would it be?

  • 27:37 – What has been the biggest challenge in getting Flinks to where it is today?

  • 28:52 – What excites Clayton the most about what he is working on?

3 Key Points

  1. In laymen’s terms, Open Banking gives individuals the ability to access and share their financial data for their own benefit.

  2. Over the past 12 months, the pace of change in the Canadian banking system has sped up, forcing banks to rethink their business models.

  3. Regulators and legislators around the world must focus on staying patriotic and doing what is right for the data rights of their citizens.

Tweetable Quotes:

  • “The industry just wants good clean reliable data that they can work with to power new use cases and drive innovation.” – Clayton Feick

  • “There’s really a lot of value in moving good clean reliable data from one place to another to eliminate some of those paper processes.” – Clayton Feick

  • “I think the innovative banks will start to see themselves more and more as a platform and start to think about their customer base and the services they provide in that way in order to be competitive in this new environment.” – Clayton Feick

  • “Innovation has not arisen from legislation; it’s arisen from startups and innovators that are trying to do things differently with tech that’s available today.” – Clayton Feick

 

Resources Mentioned:

Fintech ImpactJason PereiraOpen Banking