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By consuming data instead of just providing it, banks can build an accurate 360-degree view of their customers, helping them recommend the right products, improve service experiences and support users’ financial goals. It allows banks to be more intelligent, creating ecosystem intelligence. Supported by droves of startups, certain financial institutions have already begun building the foundation for open banking by utilizing technology like API-based collaboration.
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It’s a valid choice, but it means staying unaware of what’s happening with customers everywhere else they bank, leading to ecosystem ignorance. Recently, the Consumer Financial Protection Bureau unveiled its plans to activate a dormant authority laid out more than a decade ago in the Dodd-Frank Act. Based on Director Rohit Chopra’s comments, the industry’s assumption that regulators won’t mandate banks to share customer data may not prove true, which could transform the banking industry for good.
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The UK’s biggest global games industry conference Pocket Gamer Connects hits London this January and has announced its green initiative with GamesForest. Club innovative non-profit organisation creating awareness about nature restoration within the games industry. This project is set to change the way the games industry values sustainability.
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