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The ecosystem imperative

Digital transformation of financial services and moving from Open Banking to Open Data

The digital transformation of financial services organisations is extending into ecosystems, introducing new players and shifting traditional roles. The Institute of International Finance (IIF) and Deloitte have been working together, speaking with public and private institutions, to better understand how these new ecosystems are impacting the industry. These ecosystems are evolving into dynamic networks who create value through complex models of collaboration, competition, and innovation.  We will look at this across several dimensions in a series of reports.

In this report from the IIF and Deloitte we look at the impact of data policies and the importance of broadening the scope from Open Banking to Open Data, not just Open Finance. We explore how different data-sharing frameworks function as ecosystems with the potential to achieve goals for policymakers and market participants alike. We look at this across six aspects: 

  • Roles and responsibilities
  • Common objectives of an Open Data ecosystem
  • Technological panorama and ecosystems
  • Strategic role of consumer data
  • Value generated
  • Key factors for success in Open Data initiatives

Stay tuned for more articles in the series where we will look at embedded finance, platformisation and policy-orchestrated ecosystems.

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