FDATA Member Spotlight: MX
Looking Beyond Compliance: Why Open Banking Is a Growth Strategy
As open banking continues to mature across North America, many financial institutions are still approaching it primarily as a compliance initiative. According to MX, that perspective overlooks one of the industry’s greatest opportunities: using consumer-permissioned data sharing to better understand consumer intent (i.e., the financial goals and decisions people are trying to accomplish), improve financial outcomes for consumers and the institutions that serve them, and drive sustainable growth through more personalized financial experiences.
We sat down with Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy at MX, to discuss why financial institutions should view open banking as a strategic business opportunity rather than simply a regulatory requirement.
FDATA: Many financial institutions still view open banking primarily through the lens of compliance. How should they be thinking about it instead?
JANE BARRATT: Compliance may be the catalyst, but it shouldn’t be the only goal.
The financial institutions seeing the greatest value from open banking are the ones using consumer-permissioned data to drive sustainable growth by improving financial outcomes for the people and businesses they serve. By better understanding consumer needs and intent, they can create more personalized experiences and identify opportunities to deepen relationships over time. This translates into stronger engagement and sustainable growth — helping institutions compete more effectively in an increasingly connected financial ecosystem.
Open banking isn’t simply about meeting regulatory expectations. It’s about empowering people to achieve better financial outcomes while creating lasting value for both consumers and the financial institutions that serve them.
FDATA: One of the themes you’ve highlighted is the value of “data out.” Why is that important?
JANE BARRATT: Many conversations around open banking focus on bringing external data into financial institutions. That’s important, but outbound data sharing creates significant value too.
Consumer-permissioned connections give institutions a clearer picture of how their customers are managing their financial lives. Rather than viewing those connections as customers leaving the ecosystem, they can be viewed as signals that reveal where consumers are in their financial journey and what they’re trying to accomplish next. Those signals create opportunities to proactively deliver relevant guidance, products, and experiences that support long-term growth.
Secure, API-based connectivity also provides greater transparency, security, and consumer control than legacy credential-sharing approaches. It’s also one of the best sources of real-time customer insight available. R&D teams should be paying close attention because consumers are telling you exactly what they’re trying to accomplish financially.
FDATA: How can open banking help institutions better understand consumer needs?
JANE BARRATT: Every Consumer- permissioned data-sharing request is a signal of consumer intent. It tells a story about what someone is trying to accomplish financially. Those signals allow financial institutions to move from reactive service to proactive engagement. Whether someone is applying for a mortgage, exploring investment options, consolidating debt, or using an AI-powered financial assistant, open banking enables institutions to understand those signals and engage customers earlier with more relevant products, education, and financial guidance.
As AI becomes more embedded in financial services, understanding customer intent — not simply account balances and transactions — will become one of the industry’s greater competitive advantages.
FDATA: What excites MX most about the future of open banking?
JANE BARRATT: We’ve moved beyond viewing open banking as infrastructure alone. Secure, consumer-permissioned data sharing now enables real-time financial intelligence that improves financial outcomes and creates new opportunities for more personalized experiences, smarter financial guidance, and innovation across financial services.
This shift enables more personalized banking experiences, smarter financial guidance, and entirely new innovations powered by AI and consumer-permissioned data. As AI agents begin helping consumers make financial decisions and take action on their behalf, it’s equally important that the industry establishes thoughtful governance to ensure those interactions remain secure, transparent, and consumer-directed. That’s why we’re actively contributing to industry conversations, including FDX’s work on AI guidance, to help ensure innovation advances alongside the trust and consumer control that have always been central to open banking.
Ultimately, that’s where the real opportunity lies. Open banking creates more competition, better choices, and stronger financial outcomes for consumers while giving financial institutions new opportunities to deepen relationships, innovate, and grow. The financial institutions that embrace open banking today will be better positioned to compete tomorrow — not simply because they’re compliant, but because they’ll better understand their customers, deliver better financial outcomes, and grow alongside them.
This is especially true in Canada, where Consumer-Driven Banking is beginning to take shape and deliver for Canadian consumers. I’m excited to see how the ecosystem continues to evolve in both Canada and the U.S.
FDATA appreciates Jane’s continued leadership in advancing secure, consumer-permissioned financial data sharing and helping shape the future of open banking across North America.
