S1 Episode 9: The Future of Open Banking with James Varga

In Episode 9 we speak with James Varga, who co-founded The ID Co in 2011 with a mission to create convenience allowing consumers to sign up to new products and services in seconds.

He is active in a number of local and global efforts to help people do more online, including the Fintech Delivery Panel, the Open Banking Excellence where he is Co-founder and Trust In Digital Life.

As one of the first to call for Open Banking in the UK, James has a wealth of experience in this space. Having previously built a personal finance management and aggregation service, he has a unique perspective that highlights the importance of customer convenience in the overall success and adoption of Open Banking.
Among other things we discussed:

• What is Open Banking?
• Applications for Open Banking
• The identity challenges
• Matching the right person to the right product
• GDPR and Open Banking
• Data ownership is key
• 2018 - the year of regulated disruption
• Giving the consumer back control
• Why has Open Banking been slow to take off?
• Is Open Banking good for banks?
• The real opportunity for Open Banking
• What's the Open Banking silver bullet?
• Account aggregation is just the start
• Using data for customer onboarding
• Consumer behavioural change
• The balance between convenience and reward
• Banks are bad at using data
• Being a B2C Fintech isn't easy
• Monzo's IFTTT integration
• Consumer data ownership is key
• We need to give consumers an incentive to use Open Banking
• Instant loans - 45% revenue increase & 7% fraud reduction
• The Australian Open Banking scene
• The open data approach is a risk
• Getting the regulators involved
• 3 things for next week

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