Open Banking is largely viewed as a positive business opportunity. To capitalise on this opportunity, financial institutions must ensure they fully understand the benefits and that they develop seamless solutions to suit their customers.
- Who wins / who loses?
- Revolution or Evolution?
- What are the risks?
Key issues and challenges
- Developing as a business opportunity as opposed to a pure regulatory burden.
- API strategy …is it enough? How do we connect beyond pure technology?
- Ensure that this delivers a more customer-centric approach.
- Its not a case of educating customers but more about developing seamless solutions.
- How do ‘old’ and ‘new’ collaborate to deliver the best outcomes?
- Determine how the balance between manufacturing and distribution is achieved.
Conclusions and solutions
- Big banks will survive but could look very different.
- Fintechs are presenting cool new opportunities but can they all survive?
- Are we likely to see consolidation in the market?
- More of a level playing field and those offering true personalised offerings are likely to win through.
- Overall the open banking agenda is a positive move and could/should benefit the industry and its customers.
Moderator: Phil Alcock, Raisin UK
Expert: Olly Betts, Bizfitech