Name: Subject Snapshot | Open Banking at FinovateEurope
Uploaded: 2023-04-04T16:15:14.663Z
Duration: 307
Description: Get the lowdown on how the experts at FinovateEurope see the general consensus towards open banking shifting, how banks can finally monetise this practise, as well as the impact it’s having beyond banking.

Open Banking & Payments_v3_2.mp4

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Open Banking & Payments_v3_2.vtt

English

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The way we engage with money is

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changing rapidly and open finance

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is driving a lot of that change.

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Europe is one of the leading continents

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for innovation in open finance and with

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the top 20 European banks in attendance

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at this week's Finovate Europe, it's

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been the topic of a lot of conversations,

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as you can probably imagine.

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Our speakers on stage have delved

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into how you can use open banking

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to grow your revenue stream.

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What new technological advancements are

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happening inside the open banking space,

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and most importantly, what you need

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to do now to stay ahead of the curve.

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So, what innovations do you need

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to be aware of in open banking?

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Let's take a look.

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So many of them are happening, so uh,

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when you look at the German market, you

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will see that banks are working with so

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many FinTech players on the contextual

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experience, which means that offering the

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right product to the right customer at

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the right time through the right channel,

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it's getting more and more important.

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I think the most important question

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for any organization wanting to work

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with this technology and work with

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this, uh, innovations is to start

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with a real customer problem and try

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to solve that and also ask what's

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the fair value exchange for if the

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customers share that data with you.

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Julia Street, founder and CEO at Streets

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Consulting and Chair of the Finovate

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Open Banking stream shared her thoughts

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on pain points in the industry when

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implementing banking as a service and

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where attitudes are starting to shift.

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If I reflect on the last 2, 3, 4 years,

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or maybe that's an element of the

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Covid pandemic, where organizations

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had to respond very, very quickly.

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They saw the power of collaboration.

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They saw the importance of really

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robust data that's going to deliver

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valuable insights and also access.

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So I think that that

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mood is really shifted.

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Considerably over the last two or three

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years, I think we have more to go.

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I think more institutions really

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need to get on board with this.

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And it's those who really see the value,

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they're the ones that will win because

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they're the ones that will take a, they'll

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steal a march on the rest of the industry.

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And our specialist panel dug a little

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deeper into how banks can finally

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start to monetize open banking.

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With this open banking and open finance.

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The market realized that the

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owner of the data and owner

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of the client is the client.

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So client can take all the data

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in a second to another platform or

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another banking service that you

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are maintaining maybe for a year.

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So this is why building more competitive

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and innovative products are getting

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more and more important, we see,  a

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disconnect between innovation teams

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in banks and the rest of the business.

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So the FinTech will,  engage

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with the innovation team.

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They will have, you know,

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a great conversation,

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they will work with them.

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And then when it needs to be taken to

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the next stage in order to to scale that

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initial proof of concept or their initial

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idea further up, they hit road blocks.

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Working with the fintechs has allowed

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us to kind of really start, you know,

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developing on, on our own processes and

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start shuffling those around understanding

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what's important, what's not, what's just,

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you know, process versus opportunity.

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We've now become custodians of both money

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and data and how we move forward from

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that is, you know, there's a huge kind

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of responsibility that lies on both of

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us and, and more so on regulated as well.

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To keep up, I think you're just gonna

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have to do a lot more recruiting.

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Taking this on board, should banks

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be optimistic for the future?

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And will we see progress with financial

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inclusion and literacy with more

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widespread open banking adoption

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or even open finance initiatives?

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Looking at the current macro situation

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and record inflation, where open banking

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I think can really contribute is helping

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people budget and have control of

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their spending, in particular across

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multiple accounts, multiple credit cards.

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So really bringing all of that together

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and then helping them in developing,

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uh, healthy financial habits.

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The government are very keen to

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do this beyond finance and other

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sectors like energy and telecoms and

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you know, a whole raft of sectors.

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Fundamentally, it's the shift

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that I've seen in my career is

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there's a very strong principle

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that customers own their own data,

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not the organizations

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that hold it for them.

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One of the biggest topics that we are

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talking about here at Innovate and across

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the industry is about what is the purpose

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of banking and finance and what is the

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purpose of open banking and finance?

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And that's where the social

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inclusion really matters.

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Open banking is clearly still

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an evolving area of finance that

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will continue to make waves and

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change the way banks and financial

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institutions serve their customers.

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When we did our forecast, the interesting

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thing that we did was in fact compare

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it to the uptake of things like mobile

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payments and the uptake of mobile banking.

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And when you rebase all of those, the

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trajectory that open banking is on itself

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is identical to the uptake of mobile

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payments and mobile banking solutions.

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And I don't think anyone sitting here

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today would say that the uptake of those

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has been particularly disappointing,

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but it's not straightforward.

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There are a number of

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challenges we need to overcome.

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Stay tuned for more deep dive

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insights from Finovate, found

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exclusively on Streamly.

been the topic of a lot of conversations,

experience, which means that offering the

the right time through the right channel,

they're the ones that will take a, they'll

steal a march on the rest of the industry.

initial proof of concept or their initial

start shuffling those around understanding

what's important, what's not, what's just,

We've now become custodians of both money

us and, and more so on regulated as well.

FinovateEurope

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Get the lowdown on how the experts at FinovateEurope see the general consensus towards open banking shifting, how banks can finally monetise this practise, as well as the impact it’s having beyond banking. 

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Greg Palmer

Vice President

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Julia Streets

Founder & CEO 

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Malin Lignell

VP Digitalisation & Innovation 

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Katharina Lueth

Chief Client Officer & Managing Director

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Saira Khan 

Head of Innovation and Partnerships

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Taner Akcok

 Head of API Platform and Integration Services

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Richard Koch

Senior Policy Lead

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Jacob Morgan

Principal Analyst 

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Sarah Kocianski

Fintech & Insurtech Strategist

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Subject Snapshot | Open Banking at FinovateEurope