Stefano Vaccino, Founder & CEO, Yapily set the scene for FTT Open Finance by sharing his ambitious vision for the future in Welcome to the Open Economy. Where Open Banking was bold and Open Finance more so – an Open Economy encompasses a global view where unfettered companies and individual choose to access products and services where and when they wish. This will drive new businesses ideas and a ‘tectonic shift in financial services’.
Starting from where we are now, there are a lot of steps needed to bring Open Finance and, ultimately, an Open Economy to fruition. As Stefano notes, 2020 saw significant advances with many businesses forced into digital transformation. By September, in the UK alone, there were already two million users benefiting from open banking.
As he also notes, we are at the beginning of a long journey and outlines some the of steps and key stakeholders that will help drive and accelerate progress. Better and fairer financial service for everyone is an important goal.
This is a conversation for those, like Stefano, who are curious, excited and impatient as to what the future will bring – tune in now for the full discussion.