One way to lift GDP substantially

Checks, ATM withdrawals, insurance payments—financial data take many forms. Countries that embrace open systems to share the data could lift GDP substantially. New McKinsey Global Institute research identified seven ways that consumers and financial firms would benefit, ranging from better access to credit for more customers to efficiencies for banks.

Open financial data ecosystems can scale to create significant potential economic gains.

To read the article, see “Financial data unbound: The value of open data for individuals and institutions,” June 24, 2021.