The ecosystem imperative - Moving from Open Banking to Open Data
This article highlights that open finance initiatives are evolving into broader open data ecosystems. It argues that expanding the scope beyond financial services is crucial to unlocking true innovation and competition. This shift addresses the limitations of industry-specific frameworks by integrating AI and platformization trends. The convergence of diverse sectors creates complex digital landscapes. Consumers now expect seamless services from non-financial actors. Consequently, policymakers must rethink data sharing strategies to accommodate these blurred lines. This perspective is vital for open data advocates. It emphasizes that interoperability and consumer empowerment require holistic data strategies. Ignoring cross-sector dynamics risks stalling progress. Understanding these implications helps build more resilient and inclusive digital economies.
Source: iif.comPublished on 2023-06-24