Be first choosing your Digital Human Username · Join the waitlist >

Open Banking is a Means to an End

Ray Gill
August 1, 2022
1.5 min

Open banking will fail to transform the industry in the manner it's designed for. I see it as being a trojan horse.

Open Banking is a Means to an End

Changing Regulations

PSD2 (a European regulation for electronic payment services) and GDPR (Europe’s new data privacy and security law) are set to converge with the ultimate goal of giving individuals the ability to own and manage their data. Organizations will require the consumer's consent to access their data and provide details as to what the data will be used for:

  • Individual credit model based on purchase data
  • Personalization of commerce based on life events, brand loyalty, etc.
  • Pre-approved loan based on 'intent'

The Business of Banking

The business model of global banks is in a transition from the current form of being "holder of money" to provider of "payment rails". Currently, banks have limited consumer data, the bulk of it resides across industries (search engines, social media platforms, retailers, airlines, pharmaceutical, etc.).

Select few global banks have begun taking action of this impending change. 

In the Conversation

We at DataHive are looking forward to answering these questions, building a global community focused on data ownership as a human right, and leading the meta based experiences platform. I'm excited for us to come out of stealth mode.


Building a Global Community

The technology to ensure Data Rights for everyone is great, but the DataHive Community makes it all happen. Join the Hive today!

Beta Icon

Beta User Group

Try features and help shape DataHive. Apply to be a DataHive Beta User and we will contact you!

Get Updates.

Sign-up for the latest from DataHive.