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
- In laymen’s terms, Open Banking gives individuals the ability to access and share their financial data for their own benefit.
- Over the past 12 months, the pace of change in the Canadian banking system has sped up, forcing banks to rethink their business models.
- 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:
Hosted on Acast. See acast.com/privacy for more information.
