Open Banking: Where do we stand? And where is it going?
Held on Tuesday, June 18
Alessio Botta (McKinsey)
Markos Zachariadis (Warwick Business School)
Edward Robinson (Bloomberg)
Shefali Roy (TrueLayer)
I have heard for the last three years (or more) that Open Banking could/will/must subvert the long-established conventional banking model, that it will undermine the only competitive advantage that mainstream banks still have (proprietary access to their clients’ data) and that it will open up a new world in which financial services are tailored to the needs/wants of the individual customer. I have also heard that the issues around legal liability are so great (and essentially unsolvable) that it will never happen – that it is a good idea that will come to nought.
So far, I guess, the jury is still out. There are various initiatives out there – but no blockbuster application, and nothing that has yet managed to get the juices flowing.
Still, the Open Banking/API issue is well worth a look – hence this panel, which includes:
Alessio Botta, partner in McKinsey Digital, leading McKinsey’s European Payments activities;
Markos Zachariadis, an associate professor at Warwick Business School and a fintech research fellow at the Cambridge Centre for Digital Innovation;
Edward Robinson, a senior writer at Bloomberg News in London covering finance, wealth, fintech, crypto and cyber, whose recent pieces have expressed some scepticism about the take-up of open banking in the UK; and
Shefali Roy, coo and cco at TrueLayer, which actually builds financial APIs to connect and aggregate bank data, to verify accounts and to access transactions.
I don’t know how this one will pan out. I am a bit sceptical, but am willing to be convinced – and my guess is that the panel will be pretty evangelical on Open Banking. Either way, there is a lot to be learned. If you or a colleague would like to join us, please let us know by emailing firstname.lastname@example.org or by calling the Centre on 0207 621 1056. As usual, there will be wine and sandwiches.