What is the Open Banking Initiative?
The Open Banking initiative was launched to help level the advantage that established banks have over challenger banks in terms of the amount of customer data they hold. Jonny explains how Open Banking intends to solve this problem by providing examples with a focus on small and medium-sized enterprises.
Overview
Open banking challenges the monopolistic behaviour of banks by ensuring more information and data is given to customers. It allows them to gain access to finance with ease due to the higher concentration in the market, overall providing a better experience than traditional banking.
Key learning objectives:
Explain the initial problem with established banks and the Open Banking Initiative to combat it
Discuss how Credit and Price decisions are made
The key metrics Underwriters use when reviewing customer data.
Explain the measures that are in place to ensure equity in markets.
Summary
Expert
Jonny Hawkins
After graduating from Oxford University, Jonny started his career at Beavis Morgan, where he became a chartered accountant. He moved to Liberis, a fintech company, where he became Head of Analytics. In his current role as Head of Data Science, Jonny is responsible for credit default modelling, data strategy and collection of new data sources.
