Open Banking: Trust, Transparency and a mountain of Data

We want to thank you all who attended today’s sold out panel debate on Open Banking!

Special thanks to our professional moderator Liselotte Engstam, and all the inspiring speakers for sharing your insights on changed customer behavior (Gustaf Haag – Portfolio Manager, Nordnet), handling Big Data (FCG’s own Joel Nisses and Mikael Forsblom) and the new environment to maneuver in (Ulrika Claesson – Master Expert in Open Banking, Nordea).

We also send many thanks to the highly knowledge panel (Rikard Josefson – Avanza , Johannes Ivarsson – SmartRefill, Ulrika Claesson again, Simon Edström – Instantor and Patrik Göthlin – Bambora) whom took further steps into open banking and elaborated around;

  • Is Open Banking an opportunity or a threat?
  • Beyond the regulations, is it the customers or tech that is the driving force for Open Banking?
  • Will BigTech take a larger part of the finance business due to Open Banking?
  • Do you see any risks in keeping a high innovate speed and at the same time being able to handle customer data in a correct manner?

Several interesting thoughts and experiences were shared, here highlighting a few:

  • Data – there is a lot of data but how to find the gold in it? It’s important to know your data and to know where your potentially scattered data is placed. Adding to this you need to have capacity to draw actionable insights from the data and transform these to services customers wants and are willing to pay for.
  • Customer Trust – It’s key. And it’s hard to earn. A few years ago, speculation was that FinTech would easily conquer ground and banks would be left behind. This hasn’t turned out to be the case and banks have shown the importance of building trust by having a long-term customer relationship. However, recent scandals chew off the trust-capital and maybe, as Fintech has become more established, this can change.
  • Real customer value – several ideas for new customer services have been there for a while and now joint by the technology the possibly to realize them are present. On the other hand, sometimes service doesn’t have to be new ones, just provided as a smoother and cheaper solution than the current one.  Either way it is about focusing on customer value and truly offer services customers will benefit from, then they will join you.
  • Change and corporate culture –  The ability to change organizations and culture was a very interesting touchpoint. How to break down the internal silos to enable collaboration in a company?  Do we have the right skills to transform and do we have a culture that  maybe even prevents change?
  • Collaboration. Joining forces will benefit all; incumbent banks, Fintech companies and customers. Banks have the large customer base, Fintech entrepreneurs have the innovative capability and by joining forces, customers will benefit from new services faster.

To summarize, the event was held at hotel AtSix in Stockholm, with an amazing audience of 180 people representing a cross-section of the financial industry, mingling and sharing ideas over a great breakfast.

Thank you all for coming!

#openbanking #data #innovation #collaboration #digitalization #fcgopenbanking18 #fcg