Grasping The Open Opportunity
Finance Derivative brings the latest News & Analysis from the finance world and corporate excellence. The magazine targets an audience of finance professionals, and corporate and private investors. WWT's Sarah Maber recently contributed.
by Sarah Maber, Managing Consultant at World Wide Technology
Regulators around the world are starting to see the potential that Open Banking can bring to customers. Europe is currently leading the way, but other countries are starting to follow suit Australia will launch its initiative in February 2020, while Canada has been making positive noises (but little concrete progress). Other countries such as India, Japan, Singapore, and South Korea may not yet have any formal process, but local policy makers are making steps to open up the sharing of data.
The direction of travel is clear, and it’s towards open collaboration.
However, regulatory pressure, keen law makers and public demand are not enough. At this point open banking is more a potentiality than a reality. Incumbents and challengers will need to alter their approaches if they are to really grasp the opportunity. If Open Banking is to provide the true sea-change it is capable of, it needs to deliver more than the level of innovation we have witnessed so far.