Early Warning Services would like to examine the product capabilities that data aggregators (such as Plaid, Finicity, MX, Yodlee, and TrueLayer) are developing to address risk solutions in the marketplace. Early Warning Services is specifically looking at the impact that data aggregator market entry may have on the company’s payment verification and identity verification products & services.
Traditional bank consortium models like Early Warning have aggregated and stored data from bank contributions and have developed strict operating rules governing data use. Recently however, European Open Banking mandates like GDPR and PSD2 are starting to change the financial data infrastructure and making data more widely available, with consumer consent. Data access is typically enabled via APIs, which reduces the need to store data by the companies wanting to use it. This has enabled financial technology companies to develop new business models and rapid product development cycles, and allowed these companies to start to address some of the product capabilities of Early Warning Services. The specific area of focus for this project is how these companies have started to address risk solutions & potential impact to Early Warning Services. Some specific questions are listed below, and are applicable to each business line, but this is not exhaustive:
Note: use reliable and authentic information from Early Warning Services website and or credible websites to COMPLEEETEE a comprehensive swot analysis assignment below. Also, provide a Reference List.
What are their (Early Warning Services) strengths, weaknesses, opportunities and threats (SWOT ANALYSIS)?