Welcome to the latest edition of At the Forefront: Fintech Conversations!
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In this episode, Forefront Head of Content Sam Belden sits down with Steve Boms, Executive Director of FDATA, the Financial Data and Technology Association. FDATA is a trade organization advocating for consumer-permissioned access to financial data. Together, they unpack the evolving landscape of open finance, consumer-permissioned data access and the policy frameworks shaping the future of financial services.
The conversation begins with a foundational question: why does consumer-permissioned data access matter? As Steve explains, the ability for consumers and small businesses to securely share their financial data is core to nearly every fintech experience today — from payments and budgeting to investing and lending. At its core, open finance enables greater competition and innovation by ensuring that consumers can access tools that help them better manage their financial lives, rather than being locked into a single institution.
From there, the discussion turns to the regulatory backdrop driving these developments. While the concept of data portability in financial services dates back to provisions in the Dodd-Frank Act, the path toward implementation has been anything but linear. With new rulemaking underway and evolving priorities in Washington, firms must navigate both a clear long-term direction — toward greater data access and standardization — and short-term uncertainty around how those rules will ultimately take shape.
Sam and Steve also explore how open finance translates into tangible outcomes for both consumers and institutions. For users, the benefits include seamless payments, unified financial dashboards and more efficient financial planning tools. For financial institutions, open access creates new opportunities to deepen relationships, deliver more competitive products and better understand customer behavior. Rather than a zero-sum dynamic, the shift toward open finance has the potential to create value across the ecosystem.
Security, consent and accountability are central to making that ecosystem work. Steve emphasizes that financial data ultimately belongs to the consumer, and that frameworks governing its use must prioritize informed, revocable consent alongside robust data protection standards. As new participants and technologies enter the market, clearly defined roles and liability structures will be essential to maintaining trust and minimizing risk.
Finally, the conversation looks ahead to what comes next — including the growing influence of AI and the global momentum behind open data frameworks. While AI introduces new questions around consent, control and decision-making, the broader trajectory is clear: financial services are moving toward a model where consumers own their data and can use it freely across platforms. As other global markets advance more quickly in this direction, the pace and clarity of U.S. regulation will play a key role in determining long-term competitiveness.
For more conversations with fintech and capital markets leaders, explore the At the Forefront podcast archive or our YouTube channel.
If you’d like to learn more about FDATA and its work, visit fdata.global.
0:30 – What FDATA does and why consumer-permissioned data access matters
6:40 – The regulatory foundation of open finance in the U.S.
9:30 – How open finance improves outcomes for consumers and institutions
13:50 – Consent, security and data ownership principles
16:40 – How AI is reshaping data access and financial decision-making
19:40 – What’s next for open finance in the U.S. and globally