Daryl Wilkinson DarylandHobbes Agenda What is Open Banking 1 Why is it happening 2 3 What should we do 4 Why should bankers care Parting thoughts 5 Open Innovation A n innovation ID: 527477
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Slide1
Open Banking
Daryl Wilkinson
@
DarylandHobbesSlide2
Agenda
What is Open Banking?
1
Why is it happening?
2
3
What should we do?
4
Why should bankers care?
Parting thoughts
5Slide3
Open Innovation
A
n innovation
technique
Harnessing creative abilities external to the immediate
organisation
Collaboration and co-creation of new solutions
Open Data
A market intervention
The ability for account holders to access their financial data more easily
Greater transparency of account holders habits and future needs
Open APIs
A technology – Application Programming Interfaces
APIs enable integration of distinct systems through standardization
What is Open Banking?Slide4
What is driving Open Banking?
Trust
P
olitical
E
conomic
S
ocial
T
echnological
L
egal
E
nvironmental
Investment
Digital
APIs
Midata
Competition
PSD2
Innovation
FinTech
EmpowermentSlide5
Credit
Agricole
French bank with open APIs and App Store
18 new apps within first 6 monthsSlide6
Fidor
Bank
German bank expanding throughout Europe
FidorOS
is a
standardised
API infrastructure
Enable, integrate and promote apps and in-account apps from trusted partnersSlide7
Open source API and App Store for banks
Banks publish APIs and invite developers to build apps
Speaking Bank
Kashflow
Time Balance
Open Bank ProjectSlide8
Promotes competition
Facilitates disintermediation
Challenges vertical integration
Why should bankers care?Slide9
What is our purpose?
Who are our customers?
How do we compete and make money?
Why should bankers care?
Regulatory project
Architecture programme
Fundamental strategic questionSlide10
What should we do?
Understand changing market structure
Assess competitive advantage and disadvantage
Reconsider value chain position
Refresh our mission
Revise our strategic priorities
Review our people and assetsSlide11
Parting thoughts
We have seen this combination of regulatory and market dynamics before
In a market where vertical integration is no longer the norm and components of the industry are opened to competition
It is time to reinvent yourself and your product, it is time to self-disrupt!