Open banking is often cast as an antidote to the dominance of big banks. Given that its origins stem from the Great Financial Crisis of 2008, this perspective is not terribly surprising. But is this characterisation a fair one? Does open banking have to be a threat to big banks, or can it be turned into an opportunity? To answer these questions and more, we turn to Paul LaRusso. Paul is a business leader with over 20 years of experience in mobile financial services and technology. Paul is the CEO of Akoya, a bank-sanctioned data access network that is leading the way in the US open finance sector. Prior to joining Akoya, Paul served as the Head of Open Banking and Connected Banking at JP Morgan Chase, where he held technology leadership positions for almost 15 years. Today as head of Akoya, Paul aims to transform the way people share their data, making it more secure, private, reliable, and transparent. In this episode, Eyal and Paul unpack the history of open banking and the evolution in the market-driven approach that Paul has had the benefit of seeing up close.
Specifically they discuss:
- The history of open banking
- The benefits of CFPB regulations
- What the US can learn from the UK
- What the big banks need to know
- Why open banking is a two-way street