Open Banking evolution — pt1


This is the first in a series of posts that will map out where Open Banking came from, why and what it all means.

The value of an Open Standard and a standardised approach

An Open Standard brings to the fore the ability to connect with customers using internet-based technologies, including both the Web and via Apps, opening up the potential for innovation to existing and new actors.

Banking products are digital products

Looking through a lens of ‘new opportunity’ we can draw parallels to businesses across other sectors that have had to adapt to ‘digital’ business models. The potential for innovation and efficiencies is material for both incumbents and new businesses, for governments and end customers. We must learn from our recent web history (whether publishing, media, telecoms or retail) that no sector is impervious to the kind of change that a federated internet can bring.

The power of collaboration amongst diverse stakeholders

In the creation of the Open Banking Working Group (OBWG), a key benefit of the UK’s initial approach was to seek collaboration between a broad range of stakeholders that represented this diversity. It may have seemed unusual to convene large banks and Fintech startups, trade associations and NGOs, regulators and government in the same project, however the outcome was one of high alignment, significant innovation and it generated substantial momentum.

Open: Banking and Beyond

“Open Banking creates design patterns which can be replicated across other sectors”

Open Banking is a huge step forward in the data infrastructure that supports our digital economy. The development of open systems is both inevitable and will happen at pace as consumer gains and industry opportunities are evidenced.


-- || || Twitter: @agentGav // @icebreakerOne for climate+finance+data

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