1807: Open Banking and The Power of Your Financial Data

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 31 March 2025

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is brought to us by Mastercard.

The financial world is changing fast, and as we enter the 10th year of So Money, one of my goals is to keep us updated on the latest innovations and technology shaping our money world…to help you understand what’s coming, why it matters, and how you can leverage these changes to improve your financial life.

Let me start with a quick thought: what if we had the power to unlock opportunities by using our own data — to switch direct deposits in minutes, get faster loans, or use your rent history to build credit?

This is where one of the newest innovations in the finance world enters the picture. It’s called open banking and it’s transforming the financial ecosystem.

Joining me today is someone who is at the forefront of opening banking: Jess Turner, EVP and Global Head of Open Banking and API at Mastercard. Listen as Jess breaks down what open banking is, why it’s the thread tying together this new financial world, and how it’s transforming the way we borrow, save, and spend.

To learn more about Open Banking, visit this comprehensive guide.

Transcript

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0:00.0	So Money episode 1807, Open Banking and the power of your financial data.
0:06.3	You're listening to So Money with award-winning money guru Farnoosh Karabi.
0:11.2	Each day, get a 30-minute dose of financial inspiration from the world's top business minds,
0:16.5	authors, influencers, and from Farnoose yourself.
0:20.5	Looking for ways to save on gas or double your double
0:23.4	coupons? Sorry. You're in the wrong place. Seeking profound ways to live a richer, happier life.
0:29.9	Welcome to So Money. This episode is brought to us by MasterCard. Welcome to So Money, everybody. So quick story, back in the
0:40.1	1980s, I used to tag along with my dad to the local bank. And if you were born in the 80s,
0:46.9	you might relate to this story or even earlier than the 80s. We would be the ones waiting in line,
0:52.9	a long line for him to deposit his biweekly paycheck.
0:57.2	And looking back, I mean, come on, that just feels like the financial stone age, right,
1:01.0	compared to all the financial and technological advances that we have today.
1:05.5	Today, you can deposit a check with your phone.
1:08.2	And honestly, when was the last time you even waited in line for any sort of
1:11.1	financial transaction? So now, imagine this, a world where you have full control over your financial
1:17.2	information. Switching direct deposits or paying bills is as easy as clicking a button. Loan approvals can
1:23.9	take minutes instead of weeks. And even paying rent could help you build your credit.
1:28.8	As our financial lives get more complex, reaching our goals, it shouldn't have to feel difficult,
1:34.2	right? We have technology and we have the power of data. The financial world is evolving at
1:39.2	lightning speed, giving us new ways to manage and maximize our money. Today we're diving into one of the most exciting
1:45.6	innovations shaking up this space. It's called Open Banking. And it's a game changer that's transforming
1:51.9	how we manage our finances and access new opportunities. And I'll be the first to admit,
	...

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