Technology has transformed how we work, communicate and travel. In contrast, modern digital technology has not yet transformed financial services. Open data is the key to change in this sector of the economy.
The time has come for the financial services industry to join the open data revolution. Open data means interoperability of digital information to increase its usability and accessibility. The Obama administration has done much to make open data a cornerstone of its digital government strategy. When open data is brought to the private sector, moreover, one of the benefits will be information portability for consumers. “Informational portability” means that consumers will be able to share and use their personal data in different individual services and products.
