Databricks exec explains why open banking will disrupt finance the same way open source upended software

“Mostly, open banking is about data. Specifically, it systematizes the reality that the most important asset for a financial service institution (FSI) today is no longer capital or scale, but rather data.
The decisive factor for adaptation and survival will be the speed at which they can analyze customer information through the use of algorithms and automation.
Jamie Dimon, CEO of JPMorgan Chase, recently addressed the topics of cloud and AI in an earnings call by saying ‘10 years from now, [Cloud+AI] will be probably 50 times more than we are doing today. And I would spend anything to get it done faster.’”

Junta Nakai – Databricks