Open Banking:
How has the pandemic accelerated adoption?

3rd March 3pm SGT | 8am CET

 

Open Banking – Has The Pandemic Accelerated Adoption?

3rd March 3pm SGT / 8am CET

 

Why we need to be talking about open banking?

Has the global pandemic created an urgent need for Open Banking that extends beyond simply regulation and compliance?

We hear a lot about digitisation and the need for businesses to undergo digital transformation to survive in the current economy. This sentiment is expressed often about the banking industry, usually in the same sentence as comments about bank profitability shrinking, or that banks are ripe for disruption unless they too embark on a journey of digital transformation.

But what does this mean in real practical terms?

Over the last two decades we have seen enormous change in the way products and services are being delivered to consumers and businesses, and the way in which buyers are connecting to sellers. Digital technology and the advent of the smart phone have allowed consumers to expect and demand ever more personalised products and services that suit their requirements. In addition they seek out those solutions that reduce transaction friction and deliver greater convenience. Those organisations that continue to deliver one-size-fits-all product offerings are being displaced by digital distributors who can create digital supply chains to deliver to consumers and businesses what they are demanding.

This is the point – the creation and emergence of digital supply chains that allow specialist service providers to plug into an ecosystem and deliver that “one thing” they are good at as part of an overall digital offering to the consumer. The days of one organisation, such as a bank, or an insurance company, owning the end-to-end supply chain from product creation right through to product distribution and sale are disappearing. Instead, a digital ecosystem comprising of many specialist organisations connected via API is proving a much more efficient and innovative way to deliver more convenient services to the consumer through a smart interface. Insurance, and banking services such as payment, can be seamlessly embedded in the overall deliverable received by the customer. 

The global pandemic has accelerated the digital economy and accentuated the need for digital supply chains. Across the world, traditional supply chains have been brought under pressure, either because of the need for people to stay distanced and safe, or through the retreat of global supply chains due to border and travel restrictions. These are conditions that are likely to continue for some time to come. This has created an even more urgent need to deliver more efficient and innovative solutions for connecting buyers and sellers, or consumers to products. 

Open Banking is how banks join these new digital commerce ecosystems. By opening their systems and connecting to the digital supply chains via API that increasingly are servicing consumers and businesses, banks can transform and join the digital economy. It may very well be that the global pandemic is the accelerator that creates a more urgent need for Open Banking that extends beyond simply regulation and compliance.

 

Key Points for Discussion:

 – Faster and seamless integration in the supply chain will rationalize our payments flows

 – Collaboration needed in the financial value chain will call for innovative management in banks

 – We will see a shake-out of Fintechs… Banks accepting and integrating essential solutions faster

 – Payments as a revenue source will be history… Data is the new ball-game

 – Why Asia is lagging: more collaboration needed: What is competitive and what is cooperative!

 – Regulators are way behind to anticipate… Embracing NEO Banks won’t add the essential speed of change…

 

 

Michael Salmony

Executive Advisor equensWorldline | Frankfurt

Paul Brisk

Managing Director | SmartData Indonesia Jakarta

Pinar Ozcan

Professor of Entrepreneurship and Innovation | Saïd Business School, Oxford University

Rico Frans

Director of IT | Bank Mandiri | Jakarta

Ho Chee Wai

Country Head and VP of Neobanking and Cards Strategy | NIUM | Singapore

Liisa Kanniainen

Vice President Strategic Partner Digital Banking CBB | Nordea | Helsinki

A snapshot of this webinar registered attendees

Organization

Country/Region

Volt

United Kingdom

OneSpan

Belgium

peter davey and associates limited

United Kingdom

Fabrick

Italy

Worldline

Netherlands

Volt.io

United Kingdom

ING Bank

Netherlands

MIDAS CONSULANCY

United Kingdom

The Paypers

Netherlands

American Express

Australia

Citibank

Indonesia

SolarNet Group

Indonesia

Private

Netherlands

American Express

Australia

HSBC

Hong Kong SAR

Feeney Ventures

United Kingdom

e-payment Solution Inc.

Singapore

Nium

Singapore

Scotiabank

Singapore

Bank Indonesia

Indonesia

nordea

Singapore

Organization

Country/Region

İstanbul Arel University

Turkey

UCSUR

Peru

Banking Regulation and Supervision Agency of Turkey

Turkey

IBM

Netherlands

GGV The Banking Scene

United Kingdom

National Institute of Informatics

Japan

KRUT

Singapore

Holland Fintech

Netherlands

Fidelis Consulting

Belgium

Nordea

Singapore

HK3 ASIA PTE LTD

Singapore

Better than Cash Alliance

Singapore

Emerging Payments Association Asia

Australia

Cnam

France

Payments Network Malaysia

Malaysia

Delmun

Saudi Arabia

Embassy of Japan in the UK

United Kingdom

Introduction to our Open Banking Course:

We also like to welcome you to learn more about our special course on Open Banking Fundamentals! Please see:   and download our program curriculum for more details. The Open Banking Course offers essential fundamental on the developments and offers deep understanding of this important change for bank-staff, Central Bankers, Financial Experts, vendors working with Financials. Ideal module in continuous learning programs and distant learning curriculum of institutions. Check out more information on this page and for direct contact email us at info@asiapaymentsconnect.com

 

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