Ep. 118 - Consent Is the Currency: Who Wins in the Open Finance Economy? - with Mastercard Open Finance

In the latest episode of The Payments Shed Podcast, filmed live from New York City, Kara Parkey is joined by Jess Turner, EVP, Global Head of Open Finance & Developer Experience at Mastercard, for a conversation exploring why the future of open finance isn't simply about access to financial data, but about something far more fundamental: earning consumer trust and permission to use it. Drawing on nearly 20 years at Mastercard, Jess reflects on how the payments and financial services ecosystem has evolved, from traditional card infrastructure to a world increasingly shaped by connected data, personalisation and consumer control. They explore what has genuinely changed, how banks, fintechs and merchants are adapting, and why open finance represents a much bigger shift than simply introducing new technology. At the heart of the conversation is consent and the value exchange behind it. Kara and Jess unpack findings from Mastercard's 2026 State of Open Finance research, exploring why consumers are increasingly willing to share their financial data when they understand the benefits, and where providers continue to fall short. From user experience and brand trust to transparency and relevance, they discuss why designing for genuine consumer permission needs to go beyond simply meeting compliance requirements. The discussion also explores how open finance is reshaping credit decisioning, onboarding and customer relationships. Jess shares her perspective on the growing role of permissioned financial data alongside traditional credit reference agencies, and how different consumer attitudes towards data sharing should influence the way businesses design their propositions. They examine the opportunity to create a stronger relationship between consent, personalisation and ongoing customer value. The conversation then turns to AI and the emerging open finance control layer. As artificial intelligence increases the potential value of connected financial data, does consent become an even more important competitive differentiator? Kara and Jess explore the balance between innovation and transparency, who should control permissioned data, and whether AI will ultimately strengthen consumer trust through better financial experiences or introduce new challenges around accountability. Looking ahead, Jess shares what she believes will materially change in open finance over the next three to five years, where the industry may be getting ahead of itself, and what she would approach differently if building an open finance platform from scratch today. Plus, Jess steps up for The Payments Shed's legendary Shelf of Shame to nominate one payments or open finance narrative she'd happily banish forever. *** The Payments Shed Podcast is sponsored by Cyclops. Cyclops helps payments companies offer crypto acceptance, stablecoin settlement and payouts through one unified infrastructure platform. Find out more: ⁠⁠⁠⁠⁠⁠⁠⁠https://cyclops.finance/⁠⁠⁠⁠⁠⁠⁠⁠ *** The Payments Shed Podcast is sponsored by Salesloft. Salesloft uses agentic AI to turn buyer, conversation, deal and forecast data into clear actions that help revenue teams sell smarter. Find out more: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.salesloft.com⁠⁠⁠⁠⁠⁠⁠⁠ *** The Payments Shed Podcast is sponsored by Mastercard Open Finance. Mastercard Open Finance enables businesses to use consumer-permissioned financial data to create more connected and personalised financial experiences. Find out more: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.mastercard.com/global/en/business/open-finance.html⁠⁠⁠⁠⁠⁠⁠⁠ *** The Payments Shed Podcast is partnered with PCN. PCN is a global boutique recruitment agency connecting leading talent and businesses across fintech, cybersecurity, SaaS, e-commerce and Salesforce. Find out more: ⁠⁠⁠⁠⁠⁠⁠⁠https://teampcn.com/⁠⁠⁠⁠⁠⁠⁠⁠ *** Disclaimer: Views expressed are those of The Payments Shed Podcast hosts and guests, not their respective employers. Nothing discussed constitutes investment, legal, tax or financial advice.