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.
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