Expertise to help you reach your goals and maximize the value of your financial data.
May 11, 2022 | 20min read
Open Finance means that companies, financial and otherwise, can build and offer solutions that help them understand and manage their financial lives better. MX defines Open Finance as the availability for everyone to access and act on financial data.
Yet today’s financial services industry remains largely closed. It does not support secure and reliable data sharing. The average consumer has at least 5-7 different financial accounts across multiple providers. And, according to the Consumer Financial Protection Bureau, financial providers can only access 10-20% of a consumer’s financial picture. This closed ecosystem is a problem and as an industry, we can do better.
Open Finance breaks down this closed ecosystem and unlocks the value of financial data. How ready is your organization to embrace the future of Open Finance? Take the MX Open Finance Readiness Assessment to help you identify where your organization falls on its journey.
You can also learn more about how MX powers the Open Finance Economy by watching our MX Product Form replay. We are building the largest open finance ecosystem to help drive innovation and improve experiences with the most trusted and reliable open finance APIs.