Newcastle Upon Tyne
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Giles's blog archive

2021 (1) 2018 (1)
Giles Sergant

Giles Sergant

Director at Consultant
Message Message me Posts: 2 Comments: 7
Bio I've been advising startup banks on payments & identity architecture, most recently designing an app based SCA compliant solution for 3DS (1.0.2 & EMV2.x) for a Nationwide debit card. Founder of Touch2id


Banking Strategy, Digital and Transformation

Open Banking and the DCMS should get a room (banks should verify our identity attributes)

16 Aug 2021

In his address earlier this month to the American Enterprise Institute, the Fed’s Governor Chris Waller described CBDCs as “a solution looking for a problem”. Time will tell if he’s right. Many said the same of Open Banking in 2017 when it emerged freshly minted under PSD2. Commentators at the time (not just bankers) also questioned the sufficien...

Open Banking

The CMA's Open Banking 'nursery' is playing fast & loose with Customer Consent

02 Feb 2018

You'd be forgiven for thinking this long awaited and highly revered era of 21st Century 'Open banking' that's just been ushered into the UK with a spirited shove-in-the-back by its Competition & Markets Authority (CMA) hasn't exactly captured the public's interest. Open Banking is the central plank of the second most significant payments dire...


Giles is Commenting on

Digital challengers leave incumbents trailing in Best British Bank awards

  After 3 or 4 years hard effort, which in some cases included an unrelenting fight just to stay in the game, it’s encouraging to see a number of indicators pointing to meaningful traction amongst the first wave of challengers (Class of 2014/5). The developments in the past 5 years of the Fintechs and Challengers with ambitions in the UK retail banking market have acted as zero investment proof-of-concepts for the CMA9.  The so called ‘disrupters’ have usefully proved customer demand for new elements that can add value to banking apps.  These include the ‘pulse’ balance line (Monzo), card freezing (Revolut), the aggregated ‘single customer view’ (Tandem) and not least the ‘Marketplace’ concept (Starling). In 2018 we’re just starting to see big banks following along with Barclays card freezing, Lloyds doing account aggregation, HSBC integrating FPM and First Direct moving towards a ‘marketplace’ model.  Fair to say that PSD1 has proved some moderate success here as they would never have got there that quick. Looking on: the UK’s premature entry into Open Banking is likely to give the Challengers even more of a boost.   The CMA9 are getting increasing lost in the squabble around how an unknown, untrusted and frankly unwelcomed TPP can be consented and then access the ASP's customer account.  It’s one that will continue to distract for the 18 month clock that is now running since the EP&C approved the key Technical Standards for Open Banking last week. This is a real opportunity for the Challengers (non-CMA9) to compound their momentum over the incumbents by concentrating on a more collaborative approach with symbiotic FinTech alliances that are able to become PSD2 compliant by September next year.  This is cutting a much happier path and one that in time the bigger banks are likely, again, to follow.