Financial Services Unchained: Keeping Up with the Challenge of Open Finance

Financial Services Unchained: Keeping Up with the Challenge of Open Finance

Digital transformation in the financial services sector has been underway for some time, as seen in the proliferation of digital channels, tools, neobanks and fintechs. But it’s gone to another level now, with last year seeing a 500% increase in open finance payments. Today, five million people use open finance services for everything from making payments to switching accounts. But despite the rapid uptake, incumbent banks aren’t moving at the same speed as customers. How do you catch up and future proof your operations for 2023 and beyond?

Open for business

If you are to stay relevant in the age of open finance, continual agility, flexibility, and keeping a close eye on where your customers are heading all need to be part of the organisational toolbox. Customers are clearly comfortable sharing their data. How do you transform your digital ecosystem so that you can optimise that data to develop new products and services and keep up with the direction of travel?

Changing the culture

Traditional banks have siloed lines of business, complex legacy systems and particular ways of working. There is the budgetary burden of physical branches, ATMs and regulatory compliance. Transformation will require breaking down silos, organisational realignment, and changing the mindset. How do you see through the fog, build interactions, harness creativity and set yourself up for the future?

From closed to open

What are the stops on the road to a more open, decentralised and inclusive financial system? Accessing the right data, rethinking your risk management strategy, effective prioritisation and building a new universal identity management powered by technology that optimises AI & ML. What do you need to do to get started?