The ever changing banking technological landscape and increased customer expectations combined with the emergence of disruptive competitors, is placing significant pressure on the banking industry to implement new strategies to remain relevant in the future. The growth of Fintech players emerging in the financial services industry has created what has been called a “marketplace without boundaries”. Non-traditional players are increasingly exploring new opportunities, enabling them to challenge incumbents and continually change the state of financial services in SA.
The potentially significant impact of open banking, driven by regulation and enabled by advances in technology can never be underestimated, however, incumbent banks that embrace open banking to create new sources of revenue and new propositions may enjoy a significant advantage, given their access to existing customers, strong brands and expertise. As a result, incumbent banks have a real opportunity to win the battle for the customer interface and, therefore, the customer relationship.
The introduction of PSD2 will open up bank-held customer transaction data to third parties. This development is thought to have the potential to transform the banking landscape radically.
It is highly believed that one of the biggest opportunities is bringing the unbanked market into the financial system, which will require innovative approaches from many of the existing market participants. This in turn could let Open Banking play a role in meeting this by allowing lower cost niche solutions to easily interact with existing market infrastructures.
This high-level, interactive conference will interrogate ways in which banks can develop a clear vision of their future, and reinvent themselves as technology businesses to turn that vision into reality, it will further discuss the rate at which Open APIs are rapidly emerging as a vital cornerstone of the future of banking and payments services.