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Webinar - Open Banking: Is attack the best form of defence?

When:

Thursday 29 October 2020 at 15:00 GMT / 16:00 CET / 11:00 EDT

Where:

Online Webinar

Webinar - Open Banking: Is attack the best form of defence?

Large incumbent banks’ may find themselves caught between the necessity to hang onto their millions of customers and the desire to significantly expand their base through embracing new technology and regulation.

Banks are facing multiple challenges:

  • Increasing customer demand
  • Industry initiatives like Open Banking
  • Competition from fintechs

Banks can either take a defensive approach or be more proactive.

This webinar will focus on the opportunities for banks in opting for the latter, through taking an aggressive approach to winning new customers with the help of Open Banking and interoperable APIs.

Banks’ business models may be at risk given the shift in the relationship between the institution, the customer and the data.

Risk of disintermediation – being cut off from the customers.

Where banks once owned the relationship through their control of the customers’ data, fintechs and third-party providers (TPPs), they can now effectively compete on a level playing field with access to that same data.

This disintermediation of banks means their business model is at stake.

Banks can themselves be a TPP and compete with the Fintechs to provide more value to their existing customers as well as customers of other banks.

Banks therefore need to take the offensive/pro-active and participate in this competitive open banking ecosystem, of which the backbone is interoperability and connectivity.

Should institutions wish to expand outside of a particular market or roll out products or services specifically targeting the customers of competing providers, they will need to leverage interoperable APIs, allowing for faster scaling than was possible with point-to-point connections.

Banks may need to acquiesce that the world of Open Banking will lead to them losing customer engagement and revenue to rivals. They should then take the offensive and compete in this ecosystem, ensuring they at least gain more customers than they lose.

How can Open Banking and AI help banks offer innovative products and services that customer desire, and at the same time serve millions of customers in a cost-efficient manner?

Join this webinar from Finextra, in association with Pelican, to hear the discussion on the following areas with industry experts:

  • The challenge incumbent banks must embrace in taking an aggressive approach in the Open Banking ecosystem.
  • What are the circumstances that mean this inflection point has arrived now?
  • What is the roadmap to achieve this?

Speakers:

  • Gary Wright - Head of Research, Finextra [Moderator]
  • Liisa Kanniainen - VP, Strategic Partner Digital Banking CBB, Nordea
  • Jason Maude - Chief Technology Advocate, Starling Bank
  • Parth Desai – Founder and Chief Executive Officer, Pelican

> Register your place now

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