Open Banking Daryl Agenda What is Open Banking? 1 Why is it happening? 2 3 What should we do? 4 Why should bankers care? Parting thoughts 5 Open Innovation An innovation technique Harnessing creative abilities external to the immediate organisation Collaboration and co-creation of new solutions Open Data A market intervention The ability for account holders to access their financial data more easily Greater transparency of account holders habits and future needs Open APIs A technology Application Programming Interfaces APIs enable integration of distinct systems through standardization What is Open Banking? What is driving Open Banking? Trust P olitical E conomic S ocial T echnological L egal E nvironmental Investment Digital APIs Midata Competition PSD2 Innovation FinTech Empowerment Credit Agricole French bank with open APIs and App Store 18 new apps within first 6 months Fidor Bank German bank expanding throughout Europe FidorOS is a standardised API infrastructure Enable, integrate and promote apps and in-account apps from trusted partners Open source API and App Store for banks Banks publish APIs and invite developers to build apps Speaking Bank Kashflow Time Balance Open Bank Project Promotes competition Facilitates disintermediation Challenges vertical integration Why should bankers care? What is our purpose? Who are our customers? How do we compete and make money? Why should bankers care? Regulatory project Architecture programme Fundamental strategic question What should we do? Understand changing market structure Assess competitive advantage and disadvantage Reconsider value chain position Refresh our mission Revise our strategic priorities Review our people and assets Parting thoughts We have seen this combination of regulatory and market dynamics before In a market where vertical integration is no longer the norm and components of the industry are opened to competition It is time to reinvent yourself and your product, it is time to self-disrupt!