Open banking – how is it going? A force for good or just ratcheting up the pressure to stay afloat?

Retail Financial Services

James Goad

Bank and Brand Distribution of Retail Financial ServicesDigitalRetail Financial ServicesUK

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.

Headlines

  • 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


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