For banks and credit unions of all sizes, open finance, when strategically implemented, creates a tremendous business opportunity.
That message was loud and clear during a recent Consumer Bankers Association webinar featuring executive leadership from Zions Bancorporation, PenFed Credit Union, and Akoya.
The roundtable discussion highlighted how open finance is reshaping consumer expectations, institutional strategy, and trust.
Evolving expectations, enduring trust
Consumers now expect the same seamless digital experiences from their financial institutions as they do from retailers and social platforms.
As Olga Hoff, EVP and Director of Enterprise Retail Banking at Zions Bank, put it: "Reliability, resiliency, and uninterrupted experiences are now table stakes."
Yet even as digital habits evolve, one thing remains unchanged: trust.
"If a third-party budgeting app breaks, [members] call us, not the app," Hoff said. "That trust is still with us, and we must earn and protect it every day."
Security and control go together
PenFed Credit Union made the move to API-based data access with Akoya to securely share consumer financial data and enhance security.
"Our members want full control over their data, but they also expect us to protect it," said Thea Mason, VP of Consumer Banking at PenFed.
Since adopting APIs, PenFed has seen higher usage, stronger security, and deeper trust. With data-sharing controls embedded into digital banking, members now manage their permissions more intuitively and securely.
More apps, more risk, more responsibility
As Akoya CEO Paul LaRusso pointed out, the number of fintech apps has doubled since 2018, from fewer than 6,000 to over 12,000 today. These apps offer new opportunities for budgeting, investing, payments, and more. But they also introduce new risks.
"Screen scraping is no longer viable," said LaRusso. "API-based data access gives institutions visibility, control, and the ability to minimize data exposure."
With APIs, consumers decide what data to share, with whom, and for how long without compromising institutional infrastructure.
From compliance requirement to competitive advantage
Open finance has in the past been viewed by financial institutions as a compliance or security obligation. It is now being viewed by strategic banks and credit unions as a growth opportunity.
LaRusso reinforced the point: "Open finance isn’t something you have to do; it’s something you get to do. It’s a way to deepen engagement and align with customer expectations."
"We made a deliberate effort to stop viewing open finance as a mandate," Hoff said. "Instead, we treat it as a product that creates stickiness and strengthens relationships. This isn’t a bolt-on to digital banking, it’s a standalone channel. It needs its own infrastructure, reliability, and analytics. That mindset shift was key."
This reframing opens the door to deeper engagement and more proactive alignment with customer expectations, transforming data access into a lever for competitive advantage.
Building for scale with the right partner
PenFed operationalized open finance with a cross-functional team spanning IT, risk, member service, and product. "We realized we were already acting as a data recipient and that it was time to become a secure data provider," said Mason.
That realization led PenFed to partner with Akoya. "We didn’t want to manage hundreds of individual fintech integrations," Mason noted. "Akoya gives us a single, secure connection point to a growing ecosystem.”
By choosing the right open finance partner, you can position your financial institution for near- and long-term success.
What success looks like
For PenFed, success means deeper loyalty. "When members see we’re enabling their digital lives and protecting their data, they trust us more," said Mason.
For Zions, it means relevance. "Open finance gives us new ways to engage, from credit decisioning to onboarding," said Hoff.
And for LaRusso, it always comes back to the consumer: "Start with what your customers need. Then work backward to build the control, visibility, and security they expect."
When institutions take this approach, they not only meet expectations, but they also create value through trust, transparency, and responsible innovation.
The Akoya advantage
Akoya empowers financial institutions to modernize data access with a secure, API-first platform that does more than meet regulatory requirements — it transforms how you serve your customers. By giving consumers control, ensuring transparency, and eliminating outdated systems, Akoya helps you mitigate risk, drive efficiency, and unlock new opportunities for growth and innovation.
Give customers control and transparency: Akoya’s Open Finance Solution gives consumers full control and transparency over their data sharing. Through secure, API-based connections and white-labeled consent tools, financial institutions can empower users to view, manage, and revoke data access at any time.
Activate consumer data for growth: Beyond compliance, Akoya empowers financial institutions with enhanced insights into their customers' data sharing practices for better analytics, smarter decision-making, and accelerated product innovation. With unified, API-accessible data across your ecosystem, you can unlock new use cases like personalized offers, enhanced credit models, and embedded finance experiences — all while keeping the focus on the consumer.
Simplify third party management: Akoya handles the heavy lift of onboarding, vetting, and managing third-party data recipients. We conduct ongoing security and risk assessments, manage data access agreements, and provide centralized support to reduce operational complexity. Our framework ensures your institution can maintain strict oversight of external parties, protect consumer data, and mitigate reputational and regulatory risks.
Stay compliant and future-ready: Akoya’s turnkey solution is designed to meet current regulatory requirements, as well as allow financial institutions to adapt to future challenges and evolving standards. Our platform ensures consumer-directed, transparent, and secure data sharing practices, helping financial institutions avoid costly retrofits while building a future-ready open finance strategy that strengthens trust and brand reputation.
Learn more about Akoya’s Open Finance Solution at akoya.com/openfinance.
Learn more about open finance and how it can help create a competitive advantage for your bank or credit union.