On November 25, Chakray Consulting, together with leading companies from the banking and finance sector, attended the FinTech Innovation Summit Virtual Experience as Premium Sponsor. The event included a presentation by Jack A. Rider (Co-founder, Global CTO and General Director of Chakray in Mexico) entitled “Challenges and Needs: Open Banking Implementation Case Studies”.
Challenges and Needs: Open Banking Implementation Case Studies
Jack A. Rider explained how to implement Open Banking in simple terms. He touched on the relative concerns, challenges, and needs of said process, and the steps necessary to achieve it. He also highlighted several companies in Asia and Mexico, where the implementation of Open Banking was carried out in less than 3 months.
In addition, he mentioned that many of the concerns one has in the initial stages of Open Banking implementation are largely superfluous. Open Banking is not so much a technical challenge as it is a business one.
“The challenge of implementing Open Banking is 10%-20% technological and 80-90% business-related” – Jack A. Rider
During his presentation, Rider also took the time to explain that, contrary to popular opinion, the user owns the data, not the company. Thus, it is the user who decides whether or not to share their data with said financial organization.
“Companies don’t own the data, users do” – Jack A. Rider
COVID-19, the Missing Ingredient for the Transformation of the Financial Sector
AMETIC Fintech expert, Arturo González Mac Dowell, discussed how COVID-19 has accelerated the transformation of the financial sector in Spain. He noted that before the pandemic the sector was still psychologically resistant to change. That is to say, the technology existed, but people were unwilling press ahead with transformation.
This picture has changed as a result of COVID-19, and the opportunities/changes that were previously considered implausible are now being adopted. This includes the simple fact of not having to go a bank during lockdown, and instead having financial services available digitally.
He also stressed that these changes and this transformation of the banking system is expected to take months and not years, as was previously thought.
Evolution of Open Banking
Héctor Arias, director of Open Banking Operations at BBVA, described how they have learned about open APIs from 2014 to the present day. From the integration of the first Fintechs, to the creation of ventures on their platform, and the transition to a new global platform.
Artificial Intelligence of the Small Things
Jose A. Esteban, CEO of IronIA Fintech, also attended the Fintech virtual summit, and shared how to integrate Artificial Intelligence (AI) into the company’s processes in order to obtain unique product features that set it apart.
Fintech Innovation Summit Virtual Experience Conclusions
In conclusion, we can say that the Fintech and Open Banking sector is at a turning point given that it has undergone substantial growth in recent months. This is a direct result of the consolidation of new technologies and the pandemic in which we are immersed, both of which have greatly accelerated the sector’s transformation. That said, there’s still a lot to do and that’s where Chakray Consulting can help.
Throughout the Fintech Innovation Summit Virtual Experience, the challenges and opportunities afforded to this sector by new technologies were presented, and the ways in which the pandemic has affected the financial sector were also analyzed.
Don’t miss our next events! Visit our Events site, and if you want to find out more about Open Banking get in touch with us via the contact page. We’ll be happy to help you.