VeleraLIVE25: Velera's Vlad Jovanovic Shares Status of Open Banking in the United States...

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Vladimir Jovanovic, VP, Innovation at Velera, joined us in the Studio Lounge to share the latest status of open banking in United States, which has been traditionally behind the curve in this area.

Specifically, Vlad discussed regulations, the role of credit unions in utilizing consumer data, and the significance of data management. He also touched on ppportunities for personalized services and global trends, especially in Europe.

Lastly, Vlad stressed that strategic planning and partnerships are essential for credit unions to adapt and thrive in the evolving open banking landscape.


Q&A summary
What is the significance of the CFPB's mandate on open banking through section 1033?
The CFPB's mandate establishes a regulatory framework for open banking, ensuring that financial institutions must provide consumers with access to their financial data, which can enhance competition and innovation in the financial services sector.
What opportunities does open banking present for credit unions?
Open banking offers credit unions the chance to access and analyze member data from other financial institutions, allowing them to tailor products and services to better meet their members' needs.
What lessons can credit unions learn from European financial institutions regarding open banking?
Credit unions can observe that European institutions are advancing towards more comprehensive regulations, including crypto and other financial products, which suggests that U.S. credit unions should prepare for similar expansions in their open banking strategies.
What strategies should credit unions implement to leverage open banking effectively?
Credit unions should focus on forming partnerships with the right technology providers, educating their teams about open banking, and developing strategies to utilize member data for personalized services.
What should credit unions prioritize when considering open banking partnerships?
Credit unions should prioritize finding partners that can help them effectively ingest and analyze data, ensuring they can meet their members' evolving needs and enhance their service offerings.
How can credit unions ensure they are not left behind in the open banking movement?
Credit unions can stay competitive by actively engaging in open banking initiatives, investing in technology, and aligning their strategies with regulatory developments to leverage new market opportunities.

NOTE: CFPB 1033, or Section 1033 of the Dodd-Frank Act, is a rule that mandates financial institutions to provide consumers with access to their financial data, either directly or through authorized third parties. This rule, finalized in October 2024, aims to empower consumers to use their financial data more effectively and promote competition in the financial services industry. 

​Check it out and let us know your thoughts. Be sure to watch more of our Studio Lounge interviews from 2025 VeleraLIVE on our episode archive page. And check out our sponsors that support our VeleraLIVE coverage: Velera, Backbone, InvestiFi, and Kinective.