Episode Details

Today I speak with Lauren Jones, Director of Market Development at Open Banking Exchange. Lauren is an expert focused on delivering open banking and open finance to central banks, regulators and market infrastructures around the world.

Open Banking Exchange aims to foster innovation, competition and efficiency to increase consumer choice and enhance security for online payments and is globally known for guiding central banks, authorities and regional communities through operational and technical set-up of open banking and open finance ecosystems.

Lauren explains open banking, open data, and open finance in a simple to understand manner and we discussed how Open banking and open finance are a journey - more specifically a journey setting foundations for future innovation. We touch of the role of the regulator, competition, the actual benefits of open banking, and how it fosters financial inclusion.

If you enjoy this episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.

Let’s dive into it!

👉 You can find Lauren here

• LinkedIn: https://www.linkedin.com/in/lauren-jones-payments/
• LinkedIn Open Banking Exchange: https://www.linkedin.com/company/open-banking-exchange/
• Website: https://www.openbanking.exchange/

👉 And you can find Monica here:

• LinkedIn: https://www.linkedin.com/in/monicamillares/
• YouTube: https://www.youtube.com/@moni_millares
• TikTok: https://www.tiktok.com/@moni_millares
• Website: https://moni-millares.mystrikingly.com/

If you enjoy this Purpose Driven FinTech episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.

In this Purpose Driven FinTech episode we cover:

(0:00:00) Financial inclusion vs. financial access

(0:02:33) Resilience and overcoming challenges

(0:03:40) Viewing failure as a learning opportunity

(0:06:13) Taking initiative and upskilling in career

(0:07:28) Building purpose-driven fintechs with a public good element

(0:08:06) Investing time in understanding and future-proofing fintech

(0:10:09) Developing an industry strategy for the future

(0:10:59) Regulators in the UK and Europe lack a clear vision for the fintech agenda

(0:12:01) The convergence of open banking, real-time payments, identity, and AI is crucial

(0:12:54) The industry should coalesce around a clear direction for the next 20 years

(0:17:50) Open banking, open data, and open finance involve third-party access to customer accounts

(0:19:31) Open banking focuses on transactional accounts, while open finance includes other financial products

(0:20:03) Open data expands beyond financial data to include health, telco, and energy data

(0:21:57) Building open banking ecosystems requires adapting best practices to each market

(0:22:19) Financial inclusion and access vary depending on the market's development level

(0:23:30) Open banking is just on