Competition (and Open Banking) in an Open World

Fintech Talents | Lisa Moyle | Jan 26, 2021

What are the opportunities for financial institutions operating in open systems? Our stellar panel from FTT Open Finance addressed how they are not just complying with Open Banking rules but are looking to leverage Open Banking to deliver better value to their customers.

See:  FCA announces changes to open banking identification requirements

Virgin Money found that the uptake of Open Banking services exceeded expectation, as noted by Chris Higham. He also pointed the nearer term use cases that could deliver value quickly and how initiatives focussed on the longer term will continue to develop.

Nouamane Cherkaoui spoke to some of the successes Société Générale had seen from Open Banking including forming partnerships with high profile FinTechs (Chime , Treezor) and the marketplace they had recently acquired. An ecosystem of partners is key to distribution and growth.

Jorge Baiao noted that in Portugal the compliance step was both central and centralized across Portuguese Banks with the creation of a shared utility. Crédito Agrícola, are using open APIs to platformize their core. New innovative products and services will be built off of that API framework.

Looking at open banking as the start of the journey, making the most of that investment and thinking about a future of Open Finance, Open Data and perhaps Open Everything, standing still is not an option. There are indeed opportunities to partner with FinTechs (and beyond), but it also brings a more competitive industry. Financial institutions need to make sure that they stay relevant.

The Morning Debate: Competition in an Open World

  • Chris Higham, Head of Open Banking, Virgin Money
  • Nouamane Cherkaoui, CIO, Société Générale
  • Jorge Baiao, Executive Board Member & CIO, Crédito Agrícola
  • Paul Loberman, Chief Product Officer, untied (moderator)

 

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