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.’”

https://www.google.com/amp/s/www.businessinsider.com/why-open-banking-will-disrupt-finance-how-firms-can-prepare-2021-2%3famp

---

Junta Nakai – Databricks

LinkedIn: http://linkedin.com/in/junta-nakai