Open banking is big. Here’s why open finance is bigger.

Open banking starts with the premise that consumers have the right to access the data that’s held by their financial institutions — and permit that data to be used by third-parties for the consumers’ benefit. But this is only the beginning, says Brian Costello, VP, Data Strategy & Governance at Envestnet | Yodlee, as the open banking movement becomes part of a much larger open finance trend.