Ahead of Open Banking and API Melbourne 2018, we share what four major banks on our agenda are doing to prepare for open banking including. Read the following article to learn more about how:
Nordea was one of the first banks in Europe to see the potential opportunities offered by PSD2 (Payment Services Directive) regulations which require banks to open up to third parties to offer services to account holders. Moving in leaps and bounds since then, the organisation is continuing to shape Europe’s Open Banking market, recently announcing its new API-enabled Instant Reporting tool for corporate clients.
We caught up with Ville Lauttamus, Product Owner – Open Banking Identity & Access at Nordea to get some tips on how Australian banks can effectively implement Open Banking measures to not only comply with regulatory requirements but also best commercialise the opportunities it is set to enable, ahead of Open Banking Sydney 2019.
Ahead of Open Banking and APIs Sydney 2019, we bring you a highlights reel from our fantastic Open Banking Sydney 2018 event.
With open banking yet to be rolled out in Australia though there remains a general lack of understanding about the true power of the initiative. To help fill some of the knowledge gaps we look to the United Kingdom, where open banking has been in place since January 2018.
Discussing the rollout and implementation of open banking at HSBC UK is Georgios Miltiadous, Head of Open Banking Delivery, who shares HSBC’s journey and where they’re at one year on.
Building up to the Feb 2020 deadline, there is no shortage of information on the meaning and implications of Open Banking. However, there is certainly a deficiency of tangible use cases
to learn from around what the innovation & delivery strategies might look like. The Open Banking and APIs Summit 2019 has been specifically designed to address this.
With open banking yet to be rolled out in Australia though there remains a general lack of understanding about the true power of the initiative. Will Open Banking be instantaneous and seismic – like a switch being flicked? Or will the transformation be more gradual; with customers hesitant to transition towards the open and unknown?
To help fill some of the knowledge gaps we look to the United Kingdom, where open banking has been in place since January 2018.
The looming deadlines around open banking have seen financial institutions focus their time and investment on compliance. As these regulatory changes begin to take effect, organisations must also consider how they can best take advantage of new opportunities surrounding this space in order to provide attractive offerings to customers, and gain ROI on the large investment required.
In order for traditional financial institutions to best adapt to these changes and tackle challenges which are faced regarding privacy and data sharing security concerns, developing effective partnerships and collaborations with third parties in this space is crucial to ensuring compliance, increasing value, and driving customer trust.
With this in mind, we caught up with Paul Chapman, CEO at Moneytree, a Japan-based asset management service that has already experienced a post open banking environment to learn more about how the Australian market can best prepare themselves, ahead of Open Banking Sydney 2019.