Subtitled Beyond Open Banking – Into the Open Finance and Open Data Economy, this substantial report starts with a look at the path from open banking to a more comprehensive open finance.
A useful reminder of some of the key messages with which many industry participants will be familiar: the need for further standardisation, the importance of trust and customer experience, the role of collaboration. Contributors offer some interesting thoughts on both monetisation and where banks might fit in the future data economy.
A look at open banking around the world offers perspectives from the UK, US, Latin America, India and Africa. India’s hybrid approach – both market and regulation-driven – offers an interesting contrast to some other models.
A long section on use cases starts, perhaps fittingly, with Moneyhub – who have been keen to position themselves as open finance rather than purely open banking. There are too many case studies to list them all, but highlights include Trustly (raising the controversial question of to what extent open payments can replace cards), Bankifi (the emerging Request to Pay) and equensWorldline (who mention one of our favourites, using open banking to measure and reduce carbon footprints). This section goes beyond just consumers, with JP Morgan and Deutsche Bank on open banking and corporate treasurers, and Starling on SMEs.
The report goes on to look at building the open banking ecosystem. Innopay’s contribution on how to select a connectivity provider might make particularly compelling reading for fintechs in this space. This is followed by a Who’s who of key players – we’ll need to make sure all of these (and more) are included in the Open Future World Directory!
Marie Walker, Co-founder & Head of Content