As we move towards the post-COVID-19 economy, it is important that regulators and the private sector collaborate to utilize innovations like open finance not just to broaden the range of digital financial services and businesses that can be gained from all the available information.
Just as a homeowner has an incentive to shed belongings to reduce the expense of moving, so a financial firm may have a powerful incentive to simplify its organizational structure and rationalize relationships among its corporate entities to reduce the cost of developing comprehensive MIS that enable an organization to retrieve information in multiple formats across jurisdictions, business lines, and legal entities.