We asked three of our experts here at Raidiam to share their predictions on what 2024 will bring to the world of data sharing.
Read on for their views on the trends that will impact Open Data, Open Finance and Open Banking this year.
1. There will be significant steps forward in cross-border and cross-sector data sharing
Here’s what our resident Open Futurist Marie Walker had to say:
“Interoperability is going to be a watch-word for 2024. I’m confident there will be significant steps forward in both cross-border and cross-sector data sharing.
“It’s been exciting to see an acceleration towards breaking down data silos. A great deal of effort and thinking has been put into adapting policy, building standards and readying available technology. Removing the limitations and hurdles constraining use cases and true data portability will be transformative.
“I can’t wait to see what 2024 brings!”
2. 2024 will be all about the holy trinity of data sharing, payments and digital identity
Our Open Data Strategist Jamie Leach shares her thoughts on what will happen in the Australian market:
“2024 will be all about the holy trinity of data sharing, payments and digital identity.
“We will see the continued development and roll-out of the Consumer Data Right, with progress on the development of action and payments initiation.
“With a continued rise in financial crime and cyber breaches, 2024 will see more emphasis placed on the delivery of a robust digital identity framework to offer an alternative to sharing large amounts of personal and sensitive data in the provision of everyday products and services.”
3. 2024 will be the year where payment initiation takes off
Our Programme Manager Erick Domingues shares his insights on what will impact the Brazilian Open Data market in 2024:
“In the same way that 2023 was the year where we saw the rise in the usage and popularity of customer data sharing in Brazil, with over 40 million total consents executed, I anticipate 2024 to be the year where payment initiation will take off.
“This evolution will be driven by a robust agenda that not only introduces new services, such as VRPs, but also focuses on enhancing the stability of existing services.
“Key improvements will include intense production testing and more precise API usage measurements, ensuring a more reliable and efficient financial ecosystem.”
Interested in learning more about how we deliver trusted data sharing ecosystems? Get in touch today, we’d love to talk!