Britain’s FCA has just issued a Call for Input. The purpose is to continue to examine the risks and opportunities associated with hashtag#OpenBanking, and move the discussion to hashtag#OpenFinance: “Open banking is the first data sharing and data access initiative of this scale to be underpinned by legislation requiring industry institutions to provide access to other providers. We expect it to take several years to see the full extent of market entry and innovation. But we are seeing promising levels of interest in open banking from technology firms, incumbents and innovators in and outside the UK. We want to know if there is more we can do. We are also interested to understand what this can teach us for the future development of open finance.” We need to step up our pace in Canada. The world is accelerating.
Below is a snippet from the article, which is quite involved and worth a careful read. The full article is at https://www.finextra.com/blogposting/18255/transforming-the-insurance-sector-to-an-open-api-ecosystem Impacts on the Insurance industry The insurance landscape is undergoing its most fundamental transformation in decades, driven by the fast digitalisation in the sector. Just like the entertainment, media and retail industry, the […]
2020 will be an interesting year for the banking industry. There are plenty of clouds on the horizon and there’s a risk that the weather might change far quicker than predicted. I hope we don’t see a year of destructive storms that echo those of a decade ago, but I think it’s unlikely that the […]
Customers’ expectations, needs and behaviors; competition; new entrants; technology disruptions; and regulations are creating opportunities for Canadian financial institutions to innovate and transform their business models. https://www.ey.com/Publication/vwLUAssets/ey-open-banking-infographic/$FILE/ey-open-banking-infographic.pdf