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Open Banking

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  • From Threat to Opportunity: the impact of open banking on incumbent banks
    From Threat to Opportunity: the impact of open banking on incumbent banks
    Chris Michael, Head of Technology, Open Banking Implementation Entity (OBIE) Recorded: Jun 4 2019 21 mins
    Prior to the launch of the first open banking standards in January 2018, many considered open banking to be a threat to incumbent banks. Customers, not the banks, now own their financial data and this shift in ownership requires not only a challenging modernisation of the incumbent banks’ legacy infrastructure, but also a significant rethink of the traditional banking business model.

    18 months since the launch of open banking, is it proving a threat to incumbent banks or is it providing them with the opportunity to realise significant value and growth?


    Join this session with Chris Michael, Head of Technology at the OBIE, to learn about:

    · How open banking APIs can be a catalyst of change for incumbent banks’ business strategies

    · The opportunities that open banking provides incumbent banks to differentiate themselves in the market - moving from mass market product offerings to unique, personalised products that better meet consumers’ needs

    · How incumbents, with their vast customer bases, are collaborating with agile fintechs and leveraging open banking standards and services to develop products that deliver commercial value.

    · The value of conformance certification in achieving the commercial benefits of open banking
  • Open Banking – Meeting the needs of the consumer in a new era of banking
    Open Banking – Meeting the needs of the consumer in a new era of banking
    Louise Beaumont (techUK) | Wincie Wong (RBS) | Nilixa Devlukia (Open Banking) | Emma Steeley, AccountScore Recorded: Jun 3 2019 45 mins
    The panel will discuss how open banking technology is leading to the development of new products and services specifically designed to meet consumer needs. As consumers now control their data, they also have the ability to truly control their finances for the first time. As a result, banks are having to rethink their business models to adapt to this new innovation. Consequently, the financial services landscape is changing – at pace.

    It’s less than 18 months since OBIE launched open banking in the UK – what is progress to date and what does the future look like? Are consumers beginning to benefit from the innovations yet? What are the challenges and opportunities that lie ahead? How has the financial services sector responded and will survival depend on using the technology as an enabler of innovation?

    Join us for what will prove to be a lively and informative discussion on the transformative impact open banking is having, and will continue to have, on banking. From consumers through to banks – we are in a new era since open banking technology was launched and the future of financial services is changed forever.

    Louise Beaumont (techUK)
    Nilixa Devlukia, Head of Regulatory, Open Banking
    Emma Steeley, CEO, AccountScore
    Wincie Wong, Head of Innovation for Supply Chain Services, RBS

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