OPEN BANKING The future is open
, co-founder of Infynit and former COO at HSBC, discusses open banking, open finance, and the impact and benefits this will have for financial inclusion
Open banking is a paradigm shift with two
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central pillars: data and a relatively old technology that has become mainstream – application programming interfaces (APIs). However, the whole game of innovation
evolves and revolves around the data. Fintechs and challengers use data in creative ways to build innovative products and services, whereas
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the challenge for incumbent banks lies in reinventing themselves by transitioning to new business models by becoming a platform, distributor or producer. New entrants bring innovation into the banking and payments ecosystem to enhance customer value propositions, pushing beyond financial value into social and ethical finance and financial inclusion. Disruptors enrich revenue-generating business models, marketplaces and platforms, building partnerships based on data sharing and open APIs, fuelling collaboration, and bringing economies of scale and benefits to overall ecosystem stakeholders. And this drive, diversity and openness in today’s shifting landscape of open banking should be judged with an unbiased open-minded approach towards fintech and tech players.
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