Understanding the global evolution of open banking

Nick White doesn’t hesitate in predicting the advent of open banking will one day achieve the significance of the first printed check or the introduction of the coin.

With 20 years of experience working on digital financial services, the vice president at Fiserv has a front-row seat to open banking’s evolution in the U.K., which in many ways holds center stage before a worldwide audience. It’s also a test case for government-led innovation, in which European Union and U.K. regulators are seeking to create fintech ecosystems for consumers by mandating financial institutions open their data to third parties through application-programming interfaces (APIs).

“It originated within a regulatory initiative to drive competition, consumer choice, innovation and to improve the customer experience,” White said. “It’s also pulling banks into the API economy and accelerating their focus on delivering more advanced technology. That has led them to think about digital transformation and new platforms.”


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