The Experian Approach to Open Banking

The Experian approach – and a new video from OBE

‘The Experian approach is actually to concentrate on making the transition to Open Banking as seamless as possible, guaranteeing our clients the most flexibility possible,’  said Pier Paolo Borgia, Director Products and Propositions EMEA during the Open Banking Expo in Amsterdam on 4 October 2019.

In a new video from that event, Pier Paolo and several other Experian experts – including Pieter Paul Baron, Global Consultant, and Yaro Zozulya, Commercial Product Manager – offer their unique insights into how Open Banking is driving innovation; and particularly how the Experian approach is adding extra value for its clients.

Making meaning from data

The ‘fantastic thing is that now you get access to all the data,’  says Yaro, who notes that while there are a lot of organisations who can give you the ‘mechanics’ – account aggregation and access to data, for example – Experian is one of the few that can ‘help you make sense of this rich data source.’  Pieter Paul highlights the fact that Open Banking is driving innovation and encourages financial firms who want to get the most from this new data-rich arena to ‘just embrace it (innovation) – make sure you’re not just an API provider in the end.’

Trust is the key

At the end of the day in credit lending it’s all about trust – and Experian has ‘ always been very good at helping banks establish who it is they can trust by using data,’  says Yaro. ‘With Open Banking we are actually able to facilitate a trust relationship between a bank and a consumer/SME.’

Watch the event video

If you missed this year’s Open Banking Expo, we invite you to visit the OBE Hub and check out all the Experian assets and information – including information on Trusso,  Experian’s categorisation engine.