274. Insights: Open Banking - a never ending story?

51min listen

274. Insights: Open Banking - a never ending story?

Sarah's hosting a great roundtable with some of the people at the heart of Open Banking to find out what's been going on in the space since its launch in January 2018.

In this week's insights show we're bringing you a deep discussion on what's happening in the Open Banking space. Our roundtable talks about the challenges involved in implementing the rules and regulations around Open Banking and takes a look at the thorny problem of getting customers to buy-in to Open Banking. We have some of the best guests around to help:

  • Adam Davis, Head of Delivery at 11:FS
  • Dan Globerson, Head of Open Banking at RBS
  • Faith Reynolds, Independent Consumer Representative for Open Banking
  • Sam Seaton, CEO at Moneyhub
  • Francesco Simoneski, CEO at Truelayer

We kick off the discussion by taking a look at just how hard it's been to implement the rules and regulations, the internal changes that compliance has caused and the costs involved. Then we move on to the toughest parts of the regulations and what about them is preventing positive user journeys and take a close look at how the payment journey, which is meant to be live now, has been affected.

We also talk about going beyond mandatory requirements, how open banking is about more than compliance and why customers haven't taken notice of Open Banking yet. In fact 72% of adults haven't even heard of it.

To finish off the panel takes a look at what's being done outside of Europe, how and if Brexit willhave any impact on the quality of products and services being offered by Open Banking and what we'll see happen in the near future.

All this and so much more on today's episode of Fintech Insider!

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This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Adam Davis, Dan Globerson, Faith Reynolds, Francesco Simoneschi, and Samantha Seaton.