Collaborate to innovate with open banking
The realization that banks can no longer meet the needs and expectations of their customers alone means collaborative ventures built on shared data, transactions and algorithms are on the rise.
We recently surveyed more than 750 banks and financial institutions across the US, UK, Singapore, France, Germany, Hong Kong and UAE, and found that the appetite for Open Banking is picking up pace. 86% of banks surveyed are looking to use open APIs and enable Open Banking capabilities in the next 12 months.
As Accenture states: “Open Banking is already transforming the banking landscape; its real goal is to create an open data ecosystem.”
With these developments in mind, we regularly run hackathons attended by our partners from all over the world to work together on effective solutions to our customers’ problems. One of those partners is Joel Winteregg, Co-Founder of Swiss fintech NetGuardians, which provides real-time fraud protection for financial institutions.
Joel says that our approach to open collaboration has advantages for everyone involved. “The thing is, you can have the best technologies in the world, but when you’re just starting out and far away from the financial centers, it feels like you have a mountain to climb to reach your customers.
“Finastra’s FusionFabric.cloud is an open development platform that connects fintech solutions like ours with a range of financial institutions quickly and easily through open APIs. Hackathons give us a chance to really collaborate and innovate with Finastra, as well as with their other partners. We’re from all corners of the world – so we have had different experiences and different backgrounds, which give us unique perspectives.”
Opening up the financial services market in this way will see further acceleration of open collaboration, driven by the API economy and the need to deliver a great customer experience. This will create a new role for banks and democratize finance in the years ahead.
And as the decade progresses, we can expect to see banks beginning to act as trusted aggregators of financial services via multiple fintechs. This will create new revenue streams as collaboration helps to connect parties, data and technologies to provide new opportunities and bring greater transparency and inclusion to the industry.
Everything we’re achieving is happening through collaboration, by openly sharing ideas. This kind of open innovation has to be the way forward.
I’ll leave the last words to Joel: “This idea of openness, of us all working together, is really motivating. It leaves you feeling inspired that you can go that bit further, beyond where you’d have been able to go on your own. Our partnership with Finastra, as well as our growing business, are proof of that.”