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Finovate (PODCAST): "Scratching the Surface of Open Finance" with Nicky Klein

September 18, 2022 | 0 min read

The Finovate Podcast
Scratching the Surface of Open Finance
Nicky Klein, VP of Open Finance, MX
Host: Greg Palmer, Finovate
September 18, 2022

Open Finance delivers better consumer experiences while providing options to your consumers to connect their various accounts into a single view. Open Finance begins with secure and reliable access for consumers to share their data with the financial apps and tools they choose to use.

Nicky Klein

WHAT IS OPEN FINANCE?
Greg Palmer, host of The Finovate Podcast, speaks with Nicole Klein, VP of Open Finance at MX Technologies, Inc. about the ever-evolving world of open banking. Financial institutions and fintechs are looking to Open Banking, and more broadly — Open Finance, to drive new value for both consumers and businesses. While Open Banking is focused on sharing banking data, Open Finance extends the scope to all financial data.

BUT, REALLY, WHAT IS OPEN FINANCE??
Open Finance is the ability to access and act on financial data to build personalized experiences, increase the pace of innovation, and drive industry collaboration.

· We are living in a world ruled by data. Companies in and out of the financial ecosystem use consumer financial data to create products, services, recommendations, and campaigns. That data is sometimes collected through methods where the consumer isn’t in control of who has access to their financial data.

· Open Finance delivers better consumer experiences while providing options to your consumers to connect their various accounts into a single view. Open Finance begins with secure and reliable access for consumers to share their data with the financial apps and tools they choose to use.

· We believe that data sharing should always be permissioned, and in the best interest of the customer. To ensure safe, secure, and ethical data sharing, active, clear consent must always be given (and easily revoked), data anonymized, and credential free.

· Open finance APIs provide a more secure and reliable way to connect and verify financial data, removing the need for consumers to share their login IDs and passwords by using token-based technology so credentials are never shared.

· MX Technologies, Inc. (MX) provides organizations and their consumers with consistent, secure access to all of their financial accounts in a single location. MX deploys a strategy of modern connections to optimize connectivity for businesses from OAuth APIs to tokenized connections to whitelisted IPs to necessary screen scrapes.

· MX believes that the first step towards financial strength is consumers being able to access and act on their financial data. And most importantly, people need secure control and the ability to grant and revoke access at any time. This is why organizations like Financial Data Exchange (FDX) are so crucial to the modern financial economy.

CONNECT WITH US
→ Learn about The Finovate Podcast: https://provoke.fm/show/finovate/ 
→ Connect with Nicole (Nicky) Klein on LinkedIn: https://www.linkedin.com/in/nicole-kl...
→ Find MX on Twitter: https://twitter.com/mx 
→ Find MX on LinkedIn: https://www.linkedin.com/company/mxen...  

Watch the full podcast on YouTube here

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