The future of finance is digital and most certainly more open. The journey to open banking may still be in its early stages but the plan is to accelerate and broaden that evolution. Open finance is coming whether through regulatory demand or market driven forces and the impact on the industry will be profound.
With a view towards improving the outcomes for consumers and businesses though more control over how their data is used and by whom, catalysing the creation of the next generation of products and services. Open finance must inform strategy decisions today for the future of all parts of the financial services sector.
Buckle up as we look at the present and future of the industry. Evaluate new business models and a fast-changing competitive landscape. Open your thinking to new partners and whole new ecosystems in a world of open finance.
What is the potential of an open data society? What are the desired outcomes and impact on competition, innovation, access to financial products/services and the universe of providers?
With open banking still a work in progress, how is the move to open finance envisioned? Do regulators lead from the front or will the market determine the speed of expansion and the boundaries of open finance?
How can the end customer – consumers and businesses – trust providers and new entrants to best serve their interests and protect their data? What is the most effective way to ensure that customers are fully informed as to how their data is being used and by whom? Do current regulatory frameworks provide adequate protection in an increasing open world?
How can those that have access to and process customer data best be required to protect that information and ensure it is used in ethical manner? In the absence of an accepted identify framework, what is the best way to drive security and compliance with current rules.
What are the opportunities that will come to the fore as the landscape becomes more open. What are the new partnerships and business models that will be poised to make the most of those new opportunities? How do established providers keep pace in an industry where open access becomes the norm?
Not all countries are moving in the same direction or, indeed, moving at all. Will different approaches lead to a more fragmented industry across the world? What about questions of interoperability and standards – is collaboration across borders needed?