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Podcast
May 30, 2025

Open Banking, Rule 1033, and the Risk of Being a “Fast Follower” FI

Jack Henry’s Lee Wetherington talks about the importance of data and how open banking can help plug data deficits

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Community banks are facing a pivotal moment. As consumer relationships become increasingly fragmented across a growing mix of financial apps, fintechs, and service providers, you’re left with only a partial view of your customers’ real financial picture. That fragmentation creates a widening data gap – one that limits your ability to compete, personalize, and drive growth.

To stay competitive, go beyond reactive decisioning. Enable a proactive strategy that restores visibility, strengthens relationships, and fuels smarter, more profitable action.

Consider the landscape:

  • You likely only hold 20–25% of your customers’ total financial data.
  • The average consumer relies on 10–15 other financial providers.
  • This fragmentation limits visibility and weakens your decision making.
  • Open banking closes the gap with secure, permission based data aggregation.
  • Reclaiming this data helps you shift from defense to offense – strengthening profitability, efficiency, and long-term resilience.

With most customer activity happening outside your branch walls, traditional data models no longer support today’s expectations or competitive demands. Open banking brings that missing data back in – restoring visibility, strengthening relationships, and unlocking new opportunities for growth.

Open banking is the most effective path to closing the data gap and strengthening your competitive edge. Discover how your bank can address tech blind spots in 2026.

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