Deloitte & IIF - Engineering advantage in Financial services in 2023

This report from the Institute of International Finance (IIF) and Deloitte explores the shift from Open Banking to Open Data and its potential impact on the financial industry. The report provides an overview of the Open Data ecosystem, including archetypes, main players, and responsibilities, as well as potential implications for policymakers and market participants. The report emphasizes the importance of flexible frameworks that can help the industry explore and put in place initiatives that are beneficial for all players in the ecosystem. The report highlights the importance of broadening the scope from Open Banking to Open Data, which has the potential to realize many of the promises industry-specific data-sharing frameworks have fallen short of delivering to-date. The report outlines the roles and responsibilities of an interactive Open Data ecosystem, which are dependent on the specific flow of data for each operation. Key responsibilities include ensuring safe, transparent, and efficient data flow, secure authentication, model organization, data infrastructure, connectivity through application programming interfaces (APIs), and more. The report also discusses the common objectives of an Open Data ecosystem, which include promoting innovation to increase consumer choice, creating more secure methods of data sharing, improving consumer data privacy and portability, and fostering cross-sectoral collaboration and interoperability. The report concludes with recommendations for policymakers and market participants, emphasizing the importance of collaboration and flexibility in creating successful Open Data ecosystems.