Our Greatest Opportunity is Open Data

Open data is the single best opportunity we have as an industry to improve consumer outcomes, according to Simon Taylor, head of strategy at Sardine.ai and previous co-founder at 11:FS. But, we’re not yet living up to the promise of open data and Open Finance. 

There's a lot of data out there. MX estimates that the amount of financial data generated by each person in a single year is greater than the number of miles it takes to travel to the moon.

And, yes, today we are doing amazing things like enabling consumers to link their bank accounts to create a cohesive view of their finances and creating alternative ways to underwrite. In theory, we can now see the full picture of a consumer’s financial life, and create and capture new value based on this wealth of data. But, getting access to the data is just the first step. 

Earlier this year, Simon talked about the open finance opportunity through three lenses. Based on his most recent keynote at Money Experience Summit 2022, the most important of these is arguably context. Let's clean the data. Let's make sense of it. Let's categorize it. Let's make it useful so that we can actually create better experiences that generate better outcomes.

Open data is the key to improving outcomes for consumers because it's going to create a lot more use cases. According to Simon, the industry has not yet been imaginative enough to solve consumer challenges with data. He leaves us with a call to action to do more, do better. Watch Simon's entire keynote from Money Experience Summit 2022 to learn more.