Opinion: Why financial firms must rip up the open banking playbook in the AI economy

Core Insights - The initial excitement around open banking in the UK has shifted to concerns about barriers to success and the struggle to derive meaningful value from consumer data [2][4] - AI is emerging as a transformative force in open banking, enhancing its potential and addressing previous consumer adoption barriers [3][4] - Financial institutions that embrace innovation and leverage open banking data will thrive in the AI economy, while those that hesitate risk obsolescence [4] Industry Trends - Customer data is now considered the most valuable asset in the fintech sector, with open banking providing access to vast amounts of financial data [5] - Many organizations face challenges in capitalizing on open banking data due to complexities in accessing, interpreting, and integrating this data into business needs [6] - The integration of AI with unique customer data enables financial institutions to offer hyper-personalized products, enhancing customer engagement and creating a beneficial cycle for business growth [7]