Is the future of banking ‘open'? Making sense of the challenges, opportunities and strategies in the API economy

When thinking about digital transformation in financial services it’s impossible not to include Open Banking as one of the most influential trends that will potentially shape the future of finance. Having said that, Open Banking is much more than just a technological revolution. It requires a drastic re-think of the existing business models that banks have utilised for decades and a fundamental shift in strategy and ways of innovating. Taking lessons from earlier implementations of open banking in the United Kingdom (CMA) and the EU (PSD2), in this session we will be discussing the strategic choices as well as challenges and opportunities in the emerging Open Banking era. We will examine the state of affairs and dynamics of the open banking ecosystems and the role of platform-based business models in that context. The hour will kick off with the presentation of recent results from a longitudinal academic study on Open Banking conducted at Warwick Business School, University of Warwick, followed by a panel discussion with a number of practitioners and academics involved in this space.