Wavestone: Open Banking or how to transform the open API platform challenge into an opportunity?
Since ever banking has been a closed industry used to monopolise a majority of financial services.In Europe the PSD 2 directive has changed the Financial Services Industry forever and will disrupt the entire banking industry by completely changing the rules of the game in 2018 and 2019. Open Banking will speed up the transition from national financial services offered by local Bank branches to digital financial services available anywhere in the European Union. As a result, a global unified financial platform based on APIs will be formed around Europe (and later in all other regions in the world), ensuring fair access to data that will disrupt existing bank advantages and will facilitate activity from FinTechs as they now have access to banking databases and financial infrastructures that have been previously closed. FinTechs together with Banks, or on their own, will take the opportunity to provide innovative solutions to existing bank customers, and will propose modern financial products that are more relevant to the needs of the digital world and the lifestyle of the digital natives. The ability to access accounts, financial data, and payments, using any regulated third-party provider (TPP as AISP and/or PISP) will give users previously unimagined financial freedom and a new unique financial user experience (UX).