European bankers, fintech entrepreneurs, their lawyers and consultants were all struggling with the still-new concept of open banking at the Innovate Finance Global Summit in London in March.
The notion that individuals might be willing to share their banking transaction details with third-party developers of APIs is a marketing man’s dream, promising a treasure trove of data that might lead straight to customer revenue.
As Deloitte points out: up to now, data profiling based just on online behaviours has some purchase information buried within, but much of the data is about consumer interest and intention, rather than consumer action.
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