Experts Share How Open Banking and Finance will Transform Fintech Service Delivery
MIAMI--(BUSINESS WIRE)--Sensedia, a global leader in delivering API solutions for companies adopting a more digital, connected, and open strategy, today presented Thinking Outside the Vault - Why Open Finance Opens Doors to Opportunity. This expert panel discusses how open banking, open finance, and secure data sharing are transforming financial service delivery for businesses and customers in North America.
Banks need to think of themselves as product companies and design their tech and business strategies in a way that's adaptive because business models are evolving. Until we know exactly what the right business model is, the ability to adapt using the architecture is going to be crucial
Participants included Sensedia's Felipe Torqueto, Head of US Solutions; Natalia Cruz, Head of Open Finance; FDX's Managing Director, Don Cardinal; AWS's Worldwide Banking Industry Lead, Charith Mendis; Chris Kennedy, SVP Strategic Initiatives, Technology & Operations at Regions Bank; Brandon Baines, VP, Relationship Manager Tech Enabled Banking at Customers Bank; and Industry Analyst, Randy Hefner. Paul Wilke, CEO of Upright Position Communications, moderated the discussion.
"Banks need to think of themselves as product companies and design their tech and business strategies in a way that's adaptive because business models are evolving. Until we know exactly what the right business model is, the ability to adapt using the architecture is going to be crucial," said Charith Mendis.
The expert panel shares their predictions for 2023 and valuable insights into this evolving ecosystem, including:
- How API strategies are creating opportunities in the banking industry and many industries where secure consumer data is used to process business transactions;
- How regulated financial institutions can share the playing field with FinTechs and how both are evolving to meet the changing landscape of Banking as a Service (BaaS);
- How companies will work together to keep data secure and processes compliant while making information accessible to the end user;
- How US and Canadian organizations can learn about open finance from successful experiences from companies in Brazil and delve into ideas about innovation happening beyond regulatory requirements;
- Why collaboration with FinTechs can speed up innovation and new revenue opportunities for traditional financial institutions, and;
- How industry evolution to a more open environment will give customers better experiences and more control over data.
"2023 will be unpredictable, and we have to be ready for anything," said Randy Hefner. "But fundamentally, the combination of architecture, governance, imagination, and a broad definition of what business we're in - almost defining we don't know what business we're going to be in tomorrow - is the outlook and perspective that will allow a bank or other financial institution to find an opportunity to invent whole new ways of doing things that we hadn't thought of before."
The presentation can be viewed here.