Data Sharing: Is the Glass Half-Full or Half-Empty?

Data Sharing: Is the Glass Half-Full or Half-Empty?

Data Sharing: Is the Glass Half-Full or Half-Empty?

John and Glen decipher the EU's groundbreaking new PSD2 regulation, discuss the prospects for similar US legislation, and debate the pros and cons of sharing transaction data with non-banks.

 

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In this episode:

  • PSD2: what it does, how it works, how it aims to spur innovation, and the related acronyms you need to know.
  • The implications for FI operations, account holders and process maturity.
  • Who should pay for the data distribution?
  • How PSD2 can lead to decentralization, disintermediation, loss of revenue and the start of banking as a platform, as well as innovation, competition, and new options for customers and new recurring revenue streams.
  • Terms, conditions, and informed consent.
  • What does banking as a platform look like?
  • Will a PSD2-type of regulation be implemented in the United States? If so, would it pose a threat or an opportunity?

URLs related to this week's BIGCast:

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  • April 17-19 SymEast 2017 in Louisville Kentucky. Come visit BIG at SymEast 2017 and see the latest in innovative technology we have to offer. SymEast is comprised of credit unions located in the eastern US that use the Symitar core processing system. There are other user groups around the US and you can find the latest list at Symitar.com.
  • April 23-26 NACHA FASTER PAYMENTS 2017 Conference in Austin, Texas. Faster payments has arrived and the PAYMENTS conference is at the epicenter. Get beyond the hype to the facts and understand what the breadth of Same day ACH and real-time payments opportunities mean to your credit union. Learn from leading strategists and innovators to shape your product offerings and compete. Gain meaningful takeaways to inform your decision making. Enter promo code BESTPOD17 when you register to receive a 10% discount.
  • June 11-14 AXFI Conference in Minneapolis Minnesota. Join BIG and OnApproach at the premier educational event for credit unions and community bank professionals who are serious about financial innovation. Register now and save $200 with the early bird special. http://www.axficonference.com/.

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About BIGcast Network

Credit Union Industry Experts, John Best, Founder of Best Innovation Group (BIG), Glen Sarvady, Managing Principal at 154 Advisors and Anne Legg, Founder of THRIVE Strategic Services have teamed-up to offer a new podcast series to form the BIGcast Network. The BIGcast will become a twice weekly podcast and will be offering financial news and thought leadership in the areas of Business Strategy, Innovation, Payments and Leadership to financial institutions globally. Meet the BIGCast Network Team:

John Best is recognized as a thought leader and visionary of technology advancements and financial application development within the credit union industry. Requests for speaking engagements include Symitar national and regional conferences, Information Technologies Credit Union Association annual conference, and CUNA Technology Council, CUNA Marketing Council, CUNA lending Council Filene Water Cooler Annual Symposium and Correlation annual meeting as a keynote speaker.
Anne Legg is founder of THRIVE Strategic Services. THRIVE leads organizations to goal attainment via data translation resulting in innovative and transformational business strategies. Anne is a recognized credit union expert and thought leader with an MBA thesis on the credit union business model as well as two internationally published whitepapers on credit union business strategy. She has served as an SME for CUNA and National University and has instructed at several CUNA schools.
John Janclaes has more than thirty years of experience in the financial services industry, spanning retail banking, brokerage, and insurance. He joined Partners Federal Credit Union in June 2004 as President and Chief Executive Officer. With eleven branches located primarily in California and Florida, Partners serves employees of The Walt Disney Company, currently numbering more than 140,000 members with$1.6 billion in assets under management.

John is founder of The CEO Corner, an online forum to help business leaders and their organizations thrive (www.theceocorner.com). In recognition of John’s commitment to leadership development, proceeds from the sale of his leadership book, "Doing What Matters" will be donated to support scholarships for business leaders in training.
Glen Sarvady’s episodes of the BIGCast will focus on top-of-mind topics impacting the payments world, analysis of recent product launches, acquisitions, partnerships and innovations, and on-site reporting and interviews from industry venues like Finovate, Money 20/20 and NACHA Payments. Interviews will be brief and to-the-point, emphasizing substance and avoiding informercial territory. As with other BIGCast Network offerings credit unions receive added attention, but the discussions will be relevant and entertaining for strategic thinkers across the financial services spectrum, particularly those interested in consumer and small business experience and the real-world effects of breakthrough payment innovations.

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