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Alipay offers some lessons on open banking

China is going cashless and cardless fast, with hundreds of millions of wealthy consumers leaping ahead to mobile wallets and providing some valuable insights for the possible future of open banking in Europe.

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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.

Banking transactional data, by contrast, is all about knowing where, when and on what consumers have decided to spend their money.

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