Open banking also helps banks: Fintechs

Core Insights - The article emphasizes that banks can benefit equally with fintechs in the evolving landscape of open banking, where consumer financial data is shared freely, leading to new market insights [1] Group 1: Open Banking Overview - Open banking allows consumers to control their financial data more effectively, facilitating easier transitions between financial institutions and enhancing market competition [3] - The initiative has bipartisan support in Congress, with efforts to maintain the principles of a 2024 open banking rule established under the Biden administration [4] Group 2: Industry Perspectives - Ryan Caldwell, CEO of MX Technologies, clarifies that the narrative of fintechs versus banks is misleading, highlighting that data flows in both directions, with banks also receiving valuable insights from fintechs [2][6] - The Financial Technology Association (FTA) is actively lobbying the Consumer Financial Protection Bureau (CFPB) to uphold the open banking rule amidst ongoing legal challenges from various banking institutions [4][5]