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Digital disruptor: The legal challenges of ‘open banking’

Monday, February 26, 2018 @ 9:22 AM | By Sharon Bauer and Imran Ahmad

There is little doubt that in an increasingly digital world, personal data has become a valuable commodity. Financial institutions (FIs) are in a unique position since they collect and process vast quantities of customer data, including, among other things, spending trends, credit history and borrowing information. Typically, this information is not readily shared with customers or other FIs.

One of the challenges with this “closed” model is that other financial service providers cannot effectively analyze the data, potentially stifling the development and rollout of innovative products...