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Choosing a data partner to support open banking or open finance efforts can be a daunting task. Ron Shevlin, Chief Research Officer at Cornerstone Research, wrote in a recent report (Selecting an Open Banking Data Aggregation Vendor):
Making these choices [which partners or vendors they use to meet their data acquisition, utilization, and analytical needs] will require financial institutions and fintechs to make tough decisions about their:
1. strategy in a changing industry,
2. the role they need to and want to play in a highly interconnected network of providers, and
3. the business and technical capabilities they need to build to operate in the ecosystems in which they participate.
The report shares insights from conversations with bank and fintech executives who have gone through the process of evaluating open banking data aggregation vendors. The recommendations boil down to 6 key areas:
These 6 recommendations can help financial institutions and fintechs make a more informed and better decision when selecting a data aggregation provider. Now, MX is taking it a step further by building the industry’s first-ever Request for Information starter kit for other financial institutions and fintechs about to embark on a search for an open banking data partner.
Be sure to watch the full replay of our recent discussion with Cornerstone Research for more insights.
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