All Eyes on the USA: 1033 and Money20/20
Open Banking Excellence (OBE)
Global centre of community and knowledge driving change in Open Banking/Open Finance through content and connections.
Dear Open Banking Pioneers,
As the industry is looking towards the US with Money20/20 and 1033, we’re here to inform, inspire and educate - whether you’re stepping into the sector for the first time, or you’re a seasoned pro.
Everyone has their Day 1 in Open Banking, so if today is yours, welcome!
Our mission? To keep bringing you practical knowledge that matters. When it comes to open banking, we believe in real-world solutions, not just theory.?
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What's happening globally?
The US open banking market is set for substantial growth, with Global Market Insights (GMI) estimating that the US open banking market, valued at $20.2bn in 2022, will grow at a compound annual growth rate of 20.5% between 2023 and 2032. But the size of the market is only part of the story.?
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Open banking in the U.S. presents immense potential for innovation, but regulatory fragmentation and a lack of standardised APIs pose significant challenges. Aarushi Jain, senior analyst at the Deloitte Center for Financial Services notes that while the U.S. takes an industry-driven approach to open banking, there are valuable lessons to learn from countries with regulatory mandates. By improving customer experience standards and data-sharing frameworks, U.S. banks can unlock greater consumer control, competition, and innovation.?
Why does this matter? It’s simple really: greater consumer control, increased competition and more opportunities for innovation. As highlighted in the CMA’s recent announcement, the UK’s open Banking roadmap is now complete, unlocking a new era of financial innovation. This milestone highlights how the UK is setting the pace for others to follow, offering a valuable example as the US market develops.
Around the world in 80 blogs
We’ve been busy connecting Open Banking pioneers across the globe, and this month’s focus is on Mexico, where open banking continues to make strides.
Hear from Héctor Cabrera Díaz Infante Department for Business and Trade in Mexico who shares key insights on how Mexico’s open banking ecosystem is evolving.
The push for financial inclusion, particularly for underserved populations, is driving innovation in the region. Héctor emphasises how regulatory frameworks, collaboration between fintechs and banks, and the role of data are helping reshape financial services, offering a path to greater inclusion for millions.
We’re supporting businesses every step of the way, helping them navigate opportunities across borders. With more countries adopting open banking frameworks, we’re creating a global network that’s collaborative, innovative and committed to advancing financial inclusion. Make sure to catch up with our blog series as we continue to explore the impact of open banking worldwide.?
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Open Banking in a Box
We’ve spoken previously about Open Banking in a Box in this newsletter and we’re starting to see businesses use it to unlock real potential. Designed to help governments, regulators and businesses streamline their open banking journey, this toolkit has been developed with a clear purpose: to make expansion simple and effective.
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We’ll give you the resources to make informed decisions and drive meaningful progress to your open banking future.
Business-changing connections. Powerful conversations. Innovative Partnerships. Valuable learnings. Immersive Experience. Max ROI. - This is Money20/20 Las Vegas 2024 . Experience for yourself on October 27-30 why this is the place where money does business. (Spoiler: 3500+ leading companies joined us last time around!) Join now and use code OBE250 to save $250 off your pass!
Rise, created by Barclays Presents: How to invest for your future?
Date and time: Tuesday, October 15 · 5:30 - 8pm
Location: Rise London, 41 Luke Street London EC2A 4DP
Following the recent Barclays publication on “Empowering retail savers to engage with investing”, 13 million people holding ￡430 billion of “possible investments”: cash savings which could be suitable for investment. At a time when people are eager to ensure their money is working hard for them, many are missing out on potential investment returns that could help them reach their long-term goals.
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At this Rise Presents, experts Clare Francis , Savings & Investments Director, Barclays, Gabriel Nussbaum , Personal Finance Content Creator, That Money Guy and Sam Brown Founder, Planda will discuss this missed opportunity, sharing insights on the barriers to investing, covering themes such as financial education, perceived complexity and risk appetite.
OBE is at the forefront of shaping open banking narratives in top-tier media and fintech circles.
We’ve successfully placed our clients’ stories on prominent platforms like Sky News the Financial Times , 彭博资讯 Radio?and?TV,?FT Adviser,?MSN,?Finextra TV, The Paypers, FF News | Fintech Finance, and many more.
For tailored PR strategies to amplify your message globally, contact Becci Furnell , our Head of Public Relations, via?LinkedIn?or?email [email protected]
As we enter the final quarter of 2024, it's crucial to recognise the transformative role of Section 1033 in reshaping the open banking regulatory landscape in the U.S. The impact of this shift are likely to be felt globally, presenting a unique opportunity for the UK to capitalise on its first-mover advantage and lead the charge in supporting wider adoption.
Don’t risk falling behind as the world’s largest financial services market accelerates into open banking.
See you at Money 20/20!