The Second Act - Magazine - Page 41
Welcome to OpenDome
OpenDome is a fully secure & immersive way for individuals to learn, play,
& transact with their personal financial ecosystem, augmenting the digital
with real, & creating a high-touch banking experience they have never
experienced anywhere else. Built off of Flybits’ Experience Studio platform,
it empowers bank’s to connect proprietary data with data from partners and
third parties, as well contextual data, including location and the weather.
The insights that emerge from the data are then transformed into personalized,
templated, consent-based experiences that serve every customer uniquely.
Open banking and the emergence of
cross-industry data ecosystems
Open banking will have a significant impact on consumers and the financial services ecosystem. While
it’s taking root across the world in countries like Australia and the UK, the Canadian Government
is currently considering the best way to enable its safe introduction. Financial institutions should
view open banking as an opportunity, not a threat. In fact, it will transform the financial industry, as
fintechs and other organizations will be able to introduce innovative products and services based on
open access to data.
With open banking, your bank securely shares your financial data with a fintech on your behalf, using
a secured online channel. This can open up its customers to cross-industry experiences, with its bank
acting as a central data trust hub.
In an open banking environment, the bank
acts as the trusted data custodian in privacy
preserving data ecosystem offering consumer
experiences that go beyond banking.
Consumers can benefit from access to a wider range of useful, competitive, and consumer-friendly
financial and lifestyle products and services all in one place, that meets an individual’s needs, with
quick and easy access to personalized experiences that improve their financial health and wellbeing.
With Flybits Experience Studio, organizations can move beyond 2D mobile
experiences with a render kit. The same data engine is instead connected
to an enterprise metaverse using privacy-preserved data, where a customer
can use open banking to share data across organizations. This enables
experience designers to build templated immersive banking experiences,
based on what their customers need, that can be accessed on mobile,
desktop, or with a headset.
The concept of personalization using data is not new. What has changed,
is the ability to use data in new ways. Ownership of data, the portability of
data, and even how we explain things to people using data have changed. At
Flybits, we tell our customers that data is the new asset class and trust the
new currency. Customers now have a say in how they want their data used.
We’ve built a way for cross-industry experiences to take place that requires
the consent of the consumer.
In the metaverse, this experience can be highly engaging and interactive.
For example, we can bring together an individual’s full financial ecosystem
so they can make better decisions that improve their lives, from everyday
banking tools to personalized financial advice, to virtual wealth planning.
These curated experiences position a bank as the gateway to delivering relevant product recommendations, special loan offers, interactive homebuying tools, and gamified experiences that improve financial literacy, onboarding, loyalty, and redemption.
The metaverse is a great fabric to bring a lot of data assets together and, based on the permission of the user, render an experience that is very
different from what we used to see. Many organizations of the future will be on how useful they can leverage data network effects to turn data into
valuable experiences that truly build trust.
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