Open banking: beyond payments into the data economy

In the digital economy, data is gold. With data, companies have the ability to make more informed business decisions, using their understanding of consumers to improve their offering and differentiate themselves from competitors. Digitisation has left the finance space in a state of flux. By leveraging their technological capabilities to offer better and more secure services, technology providers are quickly capitalising on consumer demand for Amazon-style digital services, which in turn is causing a shift in the finance value chain. For incumbent banks, the race is on to find innovative ways of offering value to customers. Incumbent banks have two things that fintechs do not: vast amounts of customer data and trust. To thrive in the digital economy, banks need to leverage these assets to develop their offerings and source new revenue streams. At the industry level, data governance needs to be prioritised as the data economy is rolled out. With access to data opening up, businesses need effective management strategies to ensure that the digital economy can develop sustainably. In this episode of Worldline’s Original Series ‘Transforming Payments for the Digital Age,’ we’ll be exploring the world of Open Banking and Finance to discover the value of data for banks in the digital economy. Discussion topics include: - Data management and portability: foundations of the digital economy - The role of AI in monitoring and interpreting customer data - Optimising data governance to build a robust European payment future - And more Speakers: - Pinar Ozcan, Professor of Entrepreneurship and Innovation, University of Oxford - Tom Wijnen, Sr. Product Marketing Manager - Digital Services, Worldline - Ulrich Pietsch, CEO, ecolytiq