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


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