Open Banking Is Unlocking Digital Financial Innovation – But What Can It Do For You?

Retail Financial Services

07 October 2021

BankBank and Brand Distribution of Retail Financial ServicesBranchBusiness developmentClientClient Data ManagementCustomerDataDigital Financial InnovationDigital platformDigital SolutionsMeeting of MindsOpen BankingRetail Financial ServicesSecure Digital EnvironmentTechnologyYour business

Expert: Jon Hart, MoneyHub. Facilitator: Chris Shaw, Tumelo

 Key Takeaways

  • The results so far seem quite "underwhelming" but have we found the true value yet?
  • There was a sense in the room that people didn't yet see the value and that currently open banking simply supported small businesses and allowed them to demonstrate difference.


  • Open banking is here to stay
  • It can expedite numerous business critical tasks such as demonstrating affordability
  • It allows for great customer personalisation and enhanced experience
  • Can reduce time spent and deliver cost savings
  • How else could the idea be used?

More Detail

  • Some representing established FS firms struggled to see the relevance to their business
  • It was suggested that it was an interesting way for a new entrant to differentiate and disrupt existing markets
  • It was felt that the term open banking was misleading as people don't want their affairs to be 'open' 
  • All agreed that much more needed to be done to educate the market about what it is and the benefits
  • The focus from business should be on providing solutions for customers (quicker approval for loans, faster set up for new accounts, loyalty programmes, ESG analysis and carbon foot-printing of companies and products etc)
  • A clear case was made for the benefit of aggregated information (enabled by OB) for the vulnerable and old who rely on other individuals and agencies to support them.