One of the highlights from the recent FinTECHTalents Open Finance event was an interactive discussion exploring how Open Banking Will Take Off. A panel of some of the leading FinTech innovators leveraging Open Banking explained how it had allowed them to deliver better outcomes to customers and users.
Rosin Levine, Head of Banks at Flux, noted that they were the first AISP in the UK and that Open Banking was central to their birth. Open Banking has created an environment where open APIs are becoming the norm. It is pushing banks to use partners for delivering the better outcomes for end-users, rather than creating everything in a single institution.
This was echoed by both Simon Curenton, CEO, Funding Options and Aditya Pasumarty, Head of Growth, BUX – Open Banking and access to key transactional data – underpins the solutions they offer to their customers in the lending and wealth management space respectively. Open banking has delivered a digital mechanism to access that data. It has also broadened horizons with regards to future use cases and partners.
As noted by Matt Cockayne, Chief Commercial Officer at Yapily – a key provider of Open Banking infrastructure and solutions, many markets are on the journey to Open Finance. He also flagged the FCA consultation in the UK and initiatives in the European Commission. Yet, Australia is going straight to an Open Finance model, outpacing the early starters.
Matt Cockayne says banks need to get ahead of the curve and deliver better products and services across the board to customers. Payments are the gateway experience to get end-users comfortable with the flow of sharing data and then you can bring them on the journey to the next set of products. Standards will deliver confidence, trust and ease of use. Regulators, he noted, need to be actively engaged in that process. Providers like Yapily offer seamless access to data across many parts of the world, to those that will build innovative and best-in-class products.
From the immediate to the ambitious, this session is well worth watching in full. Hear more about the journey from Open Banking to Open Finance and how partners across the ecosystem have a crucial role in delivering on that promise.
Matt Cockayne, Chief Customer Officer to Chief Commercial Officer, Yapily
Aditya Pasumarty, Head of Growth, BUX
Lisa Moyle, Director of Strategy, VC Innovations
Roisin Levine, Head of Banks, Flux
Simon Cureton, CEO, Funding Options
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