26 - 28 November, 2019
| Gulf Hotel Bahrain, Manama, Bahrain
Conference Day One: Tuesday, 26 November 2019
8:00 am - 9:00 am
Registration, coffee and networking
9:00 am - 9:45 am
API framework solution providers’ breakfast briefing
9:45 am - 9:50 am
IQPC welcome remarks
9:50 am - 10:00 am
Opening remarks from Chairman
Converting compliance into an opportunity to compete and innovate
The Central Bank of Bahrain (CBB) issued draft regulations on open banking in Bahrain during November 2018 thus taking the lead in introducing open banking regulations in the MENA region. Banks are leveraging IT to differentiate from competitors
10:00 am - 10:30 am
WELCOME KEYNOTE: Open banking in the Middle East – Transforming compliance into business opportunities
A majority of the consumers today are increasingly demanding a higher level of personalisation and customer experience. With Middle East having the highest mobile penetration rates in the world, consumers are entering a new generation of banking.
Is Middle East’s next big banking revolution here?
- Leveraging Application Programming Interfaces (APIs) to share personal information across channels securely and in a standardised manner
- Creating connectivity across devices, applications, software and programmes to develop a more personalised offering to consumers
- Collaborating/partnering with Third Party Providers (TPPs) to compete through the authorised access of consumer data to bring consumers to the forefront of financial services
10:30 am - 11:10 am
TECHNICAL PANEL DISCUSSION: Placing customer experience at the heart of open bank innovation
Dilip Krishnan -
Vice President, Digital Transformation, Global Consumer Financial Services,
OCBC Bank, Singapore
Noman Rasheed - CIOO, Noor Bank, UAE
Ahmed Naeemi - Head of Digital Transformation, Operations & Project Management, Bahrain Institute of Banking and Finance, Bahrain
Getting the technology right does not guarantee demand. Recent research by Accenture found that 69% of respondents said they would not share financial data with businesses that were not banks.
So, what’s in it for customers?
- Making use of customers financial data to understand patterns, financial habits to ultimately develop tailored financial products
- Customer centricity 2.0 - Putting customers in the driving seat by allowing them to chose the products they want (services) and the channel they use (providers)
- Collaborating with various TPPs and solution providers to ensure maximum customer satisfaction
Dilip Krishnan
Vice President, Digital Transformation, Global Consumer Financial ServicesOCBC Bank, Singapore
Ahmed Naeemi
Head of Digital Transformation, Operations & Project ManagementBahrain Institute of Banking and Finance, Bahrain
11:10 am - 11:40 am
Retrofitting legacy systems with open banking software and API
A common blocker to a successful open banking implementation are multiple legacy systems confined behind firewalls with heterogeneous environments making it extremely difficult for 3rd party vendors to make any sense out of.
Is your IT infrastructure ready for next-gen open banking?
- Transforming the institution's legacy platforms by moving to modern frameworks, processes, and governance practices to support open banking operations
- Developing and creating a API strategy that can be accommodated and linked to the existing legacy technologies and systems
- Fully engaging in the API economy through direct integration with multiple hosts to create new channels and establishing new revenue streams
11:40 am - 11:50 am
Speed networking
11:50 am - 12:20 pm
Networking refreshments break
Application Programming Interface (APIs) – Disrupting the banking ecosystem
Open Banking APIs are extremely profitable. In fact, banks that embrace Open Banking APIs can expect to witness a 20% increase in revenue; meanwhile, those that reject the initiative may lose 30% of their revenue to ‘disruptive industry players’ by 2020.
12:20 pm - 12:50 pm
Leveraging API strategies for new service propositions and enhancing existing customer experience
A recent report by PwC and the Open Data Institute examining the first six months of open banking in the UK, researchers found that by 2022 the market could be generating $8 billion in value.
How are API strategies resulting in revenue increase by at least 20%?
- Opening up individual APIs to easily connect other APIs in the market to extend service offerings by partnering with innovative FinTech solutions
- Clearing IT bottle necks and data silos that hinders innovation and frustrates banking business through APIs without compromising on visibility and governance
- Applying open bank API strategies to encourage customers to share personal financial data ultimately leading to enhanced customer stickiness and brand loyalty
12:50 pm - 1:20 pm
Visualising your API journey, roadmap to banking excellence
Dilip Krishnan -
Vice President, Digital Transformation, Global Consumer Financial Services,
OCBC Bank, Singapore
With many banks across the globe establishing the basics of their Open Banking API platforms, there is a strong incentive towards differentiation in the emerging Open Banking landscape, different types of banks are likely to reap different benefits and experience different drawbacks from engaging in the open banking play.
What strategic actions can you implement from today?
- Understand what are the other APIs that are exposed and how to develop, grow and maintain a strong developer community
- Identify and prioritise API value: Asses APIs on strategic attractiveness and organisational IT readiness to execute
- Manage and enhance value creation: Quantify the value of underlying data or servicesaccessible through APIs
Dilip Krishnan
Vice President, Digital Transformation, Global Consumer Financial ServicesOCBC Bank, Singapore
Privacy at the epicentre of open banking – Transformation at what cost?
Allowing consumers full control over their banking and financial data is said to be revolutionary but concerns over security and privacy remain unanswered. With more entities and third parties accessing data, are compromising on privacy and security?
1:20 pm - 1:50 pm
Brand building to develop consumer confidence to share financial data along with building a data ecosystem
A recent report states that 59% of respondents are uncomfortable about transferring data – even if it is to a trusted brand. Organisations will need to actively inform clients about the benefits of open banking and demonstrate value to build confidence to share data.
What does it take to for a brand build consumer trust?
- Embedding privacy requirements and individual sentiments during early design stages of open banking initiatives to ensure utmost privacy and security
- Creating a Privacy Impact Assessment (PIA) not to just comply with regulatory framework but also meet individual expectations
- Building a fair data ecosystem that balances transparency, security and fair value exchange thus enabling long term consumer loyalty
1:50 pm - 3:00 pm
Networking lunch break
Interactive Discussion Groups (IDGs)
Interactive Discussion Groups (IDGs) are the perfect setting for audiences to come together and discuss their ideas, insights and opinions on specific topics. Each IDG has a leader who will lead the discussion and mention key points that the audience seated can engage in, creating a platform for interactive conversations and learnings from like minded individuals, from similar work background of industries, hence leading into a thought provoking discussion. Every participant will have the exciting chance of discussing and sharing their views over two topics for 30mins each within the respective group.
IDG A
3:00 pm - 4:00 pm Moving beyond compliance Dilip Krishnan - Vice President, Digital Transformation, Global Consumer Financial Services, OCBC Bank, SingaporeBanks have stopped looking at open banking as a mere compliance. Working and collaborating with TPPs and other partners will not just enhance customer experience but will also result in the creation of an additional revenue stream. However, the business challenge lies in moving to an environment in which services are organised around customers’ needs, replacing an environment organised around banking processes. This discussion will talk about how banks and financial institutions can rework their digital strategies to setup a robust open banking initiative at their banks.
Dilip Krishnan
Vice President, Digital Transformation, Global Consumer Financial ServicesOCBC Bank, Singapore
IDG B
3:00 pm - 4:00 pm Selecting the right partners and TPPs for your open banking journey Noman Rasheed - CIOO, Noor Bank, UAEPartnering with the right FinTech can be a powerful way to accelerate development, and energise a bank with purpose and pace. Identifying meaningful partnerships and collaborations can lead a bank’s open banking initiative to a grand success. This discussion on how banks should focus on working, building and developing the right partners, TPPs and how such collaborations can be beneficial to banks ultimately leading to the creation of an additional revenue stream.
IDG C
3:00 pm - 4:00 pm GDPR vs PSD2It’s essential that GDPR and PSD2 are analysed together when evaluating open banking initiatives. While PSD2 requires banks to open their customer data to 3rd parties, GDPR involves the restriction of customers’ personal data. This discussion will talk about how banks should comply with both the regulations as they are all set to increase consumer confidence in the financial industry, particularly for open banking. The discussion will also talk about it helps in minimising fraud and early detection of financial abnormalities
