Open Banking Daryl Agenda What is Open Banking? 1 Why is it happening? 2 3 What should we do? 4 Why should bankers care? Parting.

Slides:

Advertisements

Similar presentations

Managing Human Resources in the Knowledge Based Economy

Advertisements

Strengthening innovation in chemical clusters

Supporting New Business Imperatives Creating a Framework for Interoperable Media Services (FIMS)

Developing Our Leaders – Creating a Foundation for Success

Effective people and productivity management Peter Scott Peter Scott Consulting.

The smart way to innovate – Funding options for R&D and commercialisation in the food industry Obi Ezenwa.

The GSMA July 2014 Restricted - Confidential Information

Do You Know ???.

Viewpoint Consulting – Committed to your success.

Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall

Why Study Strategic IT? Technology is no longer an afterthought in forming business strategy, but the actual cause and driver. IT can change the way businesses.

Information Systems Portfolio Management March 7, 2002.

Dynamic Capabilities and Strategic Management

FAST FORWARD Building the Profession of Tomorrow Supporting Individuals and Business in a Global Economy Barry Melancon, President and CEO of the American.

VIP Executive Advisor Information for Mortgage Lending Decision Makers Recruiting Top Producers and Leaders in Today’s Market Hammerhouse, LLC.

Introduction to information systems

A Microsoft Perspective Kirby Bartholomew Product Manager Application Platform & Developer Marketing

Chapter 10 Organization Design Chapter 10.

STRATEGIC DIRECTION UPDATE JANUARY THE VISION AND MISSION THE VISION: ENRICHING LIVES AND CREATING SUCCESSFUL FUTURES. THE MISSION: EDUCATION EXCELLENCE.

Eco-innovation for SMEs September, What do we mean by Eco- innovation? Eco-innovation is the development and application of a new business strategy.

Copyright 2008 IDC. Reproduction is forbidden unless authorized. All rights reserved. Leveraging Business Intelligence For Competitive Advantage Competing.

Cisco Confidential 1 © 2011 Cisco and/or its affiliates. All rights reserved. Customer Name Date Cisco Transformative Networking Lifecycle Financing that.

2 - 1 Copyright © 2006, The McGraw-Hill Companies, Inc. All rights reserved.

© 2008 IBM Corporation Challenges for Infrastructure Outsourcing July 29, 2011 Atul Gupta Vice President, Strategic Outsourcing, IBM.

1 The Benefits of an SOA in the Contact Center Brian Garr Program Director, IBM Speech Solutions.

Strategic Assessment and Plan John J. Sullivan. Introduction any organization can use: for profit, not-for- profit new organization: phases 1 & 2 most.

Balance Between Audit/Compliance and Risk Management- Best Practices FIRMA 21 st National Training Conference Julia Fredricks, U.S. Chief Compliance Officer.

World Class Commissioning and World Class Informatics, the quest for quality information Jan Sobieraj - Chief Executive, NHS Sheffield.

Open Health Tools Strategic Plan. Mission “to significantly contribute to the health and well-being of individuals and communities by improving their.

IT and IM: Promises and Pitfalls Greta Lowe August 15, 2011.

Catawba County Board of Commissioners Retreat June 11, 2007 It is a great time to be an innovator 2007 Technology Strategic Plan *

Marketing Today. WHAT IS MARKETING? Businesses have two main functions Businesses have two main functions Innovation and Marketing, the rest are… Innovation.

Job Analysis - Competency Modeling MANA 5322 Dr. Jeanne Michalski

Adaptive Processes: Linking Strategy with Execution.

EGovOS Panel Discussion CIO Council Architecture & Infrastructure Committee Subcommittee Co-Chairs March 15, 2004.

Cloud Market Readiness Report Finance, Media, and Legal Sectors March 2014 Trend Consulting 2013.

Harvard IT Priorities: Where finance fits 1. Updates on Financial Model Development Process Objective and goals of the FY13 changes #7 Financial Model.

1 UNIT 6: STRATEGIC ANALYSIS: EXTERNAL ANALYSIS. 2 Two sets of factors primarily shape a company’s strategy: -External factors (macro environment, industry,

The Nature of Business McGraw-Hill  The McGraw-Hill Companies, Inc., 2001.

PROCESS INTEGRATION ‘Creating collaborative advantages in the textile and clothing industry’

Or how to analyse and evaluate your way to success.

INSTITUTE OF DESIGN INNOVATION DESIGN FOR PREFERABLE FUTURES JOSEPH LOCKWOOD.

V03 Toastmasters City Manager, Jeff Fielding Strategic Leadership March 2, 2016.

Driving Innovation Connect & Catalyse The Cultural – Creative Industries Contemporary & Future Challenges Sian Brereton 24 th February 2010.

Balancing Objectives and Needs of Industry and Academia: the Role of Government Presentation by Mary Cryan Meeting of National Councils for S&T Policy.

WEB API AND CLOUD DEVELOPMENT BY TRAWEX TECHNOLOGIES.

Looking Ahead David Relph, Director. Working with others in our city and city region, Bristol Health Partners exists to support efforts to improve the.

Interactive Business Dynamics

Information Systems Portfolio Management

Challenges and opportunities for the CFO

Case 2a: PSD2 - the directive that will change banking as we know it

Managing Resources, Activities, and People

The Role of Financial Leadership in a Challenging Economic Climate “Financial Management from a Provincial Perspective” Presented by: Bruce L. Bennett.

Leadership Summit III Joe Pray.

CHAPTER 9 Cooperative Strategy

INTERNAL ENVIRONMENT ANALYSIS

“You’ll know him by his dedication”

BUS 201: Introduction to Business

Banking and Insurance in the Digital Era

Competing with IT “Using IT as a Strategic Resource and obtaining a competitive advantage.

B-Hive Europe Open Innovation Platform Fabian Vandenreydt

Confidential – Oracle Internal/Restricted/Highly Restricted

Supplement A: Tests of Innovation

CUSTOMER RELATIONSHIP MANAGEMENT CONCEPTS AND TECHNOLOGIES

The People Ready Vision for Business in the Enterprise

Can the universities of today lead learning for tomorrow?

Internal Resources.

Banking Business challenge

U.S Bank Internal API Hackathon

An Enabling Business Environment and A Strategic Collaborative Approach for Sustainable Quality Local Production Africa Pharma Conference 4-5 June 2019,

Presentation transcript:

Open Banking Daryl

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 An 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?

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 Empowerment

Credit Agricole French bank with open APIs and App Store 18 new apps within first 6 months

Fidor Bank German bank expanding throughout Europe FidorOS is a standardised API infrastructure Enable, integrate and promote apps and in-account apps from trusted partners

Open source API and App Store for banks Banks publish APIs and invite developers to build apps Speaking Bank Kashflow Time Balance Open Bank Project

Promotes competition Facilitates disintermediation Challenges vertical integration Why should bankers care?

 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 question

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 assets

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!