While Open Banking promises a revolution in banking, it has so far prompted a rather slow and gradual shift, rather than a rapid shake up of the banking sector. While new banking business models are now emerging, most banks are still in the early days of deployment. On the other hand, there is an immense pressure on fintechs and small companies to adapt according to big banks’ procurement processes, so the challenge lies in ensuring they are very much ahead of the game.
As Open Banking turns more into Open Finance, problems and pressures arise in a variety of areas, such as data security, customer communication and engagement, IT development and implementation and analytics.
Despite these challenges, Open Finance reduces the barriers to entry for smaller players. New applications are emerging and agile, digital-only fintechs are moving faster and placing pressure on large, legacy bank competitors. While the adoption of Open Finance applications is underway, the full potential is yet to be realized. We encourage the financial services industry to respond to this opportunity by prototyping open finance applications. It is never too early to get started.
Join us on Wednesday May 6th, 2020 at 10 AM CEST to hear Marius Scarlat, Technical Product Manager for the Financial Services Industry at Stefanini, who will present an overview of the Open Banking and Open Finance landscape, together with ways to mitigate the challenges that come with responding to the latest developments. Learn how Stefanini can contribute to your business by addressing topics such as new value propositions, customer engagement, API monetization, data analytics or cyber security. Remember, Open Banking is here to stay and as a result, we all need to create open APIs and an Open Finance ecosystem that realizes the potential of the new landscape and meets consumers’ ever-increasing expectations.