OPEN BANKING > TRANSFORMING BANKING & THE FINANCIAL INDUSTRY (ONLINE ONLY)

An in-depth view on one of the most significant developments in finance.  

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Pre-course Reading Essentials
We invite all course participants to go through these reading materials before starting the course for a basic introduction to Open Banking.
JPSS Access to accounts.pdf
1.03 MB
UK lift-off open-banking-report.pdf
2.5 MB
DeuBa - Fintech Reloaded.pdf
1 MB
Course Trailer.mp4
2 mins
Google the-future-is-open.pdf
795 KB
1.1 - What is Open Banking
We start by defining what we mean by Open Banking. What it is, and what it is not. We show how banks'interactions with customers and external third parties will change with Open Banking. We define ApplicationProgramming Interface (API) as an enabling technology for Open Banking and look at some examples of requestsfor data and payment initiation that will flow across an Open Banking API.

1.1 What is Open Banking (by Paul Brisk).mp4
20 mins
1.2 Why is Open Banking Happening
We investigate the drivers for Open Banking and who are the beneficiaries. We look at the enabling environmentand the changing nature of supply chains in the digital economy. We suggest that Open Banking is how banks willconnect to, and participate in, emerging digital commerce ecosystems. What is the risk to the banks if they declineto participate, and why are some banks resisting the change? What are the benefits and outcomes that OpenBanking is expected to deliver?

1.2 Why is Open Banking happening (by Paul Brisk).mp4
17 mins
1.3 The Key Elements of Open Banking
We show the nature of the APIs that enable third parties to access customers' data and initiate payments on theirbehalf. The concepts behind the consent mechanisms that ensure that access and payment are only made underinformed consent of the user are described. First use cases that employ these APIs are offered giving a first insighthow payments and banking will change. Some timelines and international perspectives are shared on how OpenBanking is currently conquering the world.

PwC - The Future of Banking is Open.pdf
1.18 MB
Deloitte - European Voice of the Banks on PSD2.pdf
5.37 MB
1.3 The Key Elements of Open Banking (by Michael Salmony).mp4
13 mins
1.4 Business Models and Consequences for Users
We show a first high-level view of some of the new business models that are enabled through Open Banking andhow this will change the way payment, banking and finance will be provided to users. Beyond customer interfacechanges we explore some of the structural and strategic changes that are being brought about through OpenBanking. These range from the new channels, the pressure being brought on the traditional card business up tothe need for banks to position themselves anew in this emerging ecosystem and how they may fit in to the newworld of Fintech.

1.4 Business Models and Consequences for Users (by Michael Salmony).mp4
10 mins
2.1 How is Open Banking Happening
We define the two broad models under which Open Banking is progressing in various markets around the world.We compare and contrast "regulator driven" with "market driven" and examine the defining attributes of eachapproach.

2.1 How is Open Banking Happening (by Paul Brisk).mp4
16 mins
2.2 The Role of the Regulator in Open Banking
What is the role of regulators in the establishment of Open Banking? The role of the regulator is a key successfactor, but the role of the regulator will vary depending upon timing and the development stage for Open Bankingthat exists within a market. We look at the specific activities in which a regulator may become involved andprovide some real market examples.

McKinsey - Global Payments Map.pdf
590 KB
2.2 The Role of the Regulator in Open Banking (by Paul Brisk).mp4
22 mins
Quiz - Part 1
Open Banking Quiz – Part 1
2.3 Disruption due to Open Banking
We show how Open Banking is disrupting not only payments but all other areas of finance and bankingincluding core business e.g. credit and insurance. The particular – and often forgotten – transformative impactof Open Banking on B2B is demonstrated and some best practices from around the world showcased. Thesedisruptions in B2C and B2B will cause ruptures in the relationship between banks and the customers – retailand corporate. This is good news for agile, offensive banks but bad news for banks not willing or able to change.However even for basic compliance "RegTech" and "SupTech" can help to bring down costs, reduce errors andstreamline processes

2.3 Disruption due to Open Banking (by Michael Salmony).mp4
16 mins
Preview of Module 2.3
4 mins
2.4 API options for banks
We show that those banks that embrace the inevitable rise of APIs can position themselves well and generatenew business. For example, not just offering mandated regulated APIs (which typically have to be offered forfree) but also offering further commercial, value-added APIs (which offer new real commercial advantages tocustomers) may promote customer retention and generate new revenues. We also touch on the topic ofharmonized API access – how to find a way through the jungle of standards and show a realistic path to a moreconnected world.

Open banking in a world of platforms
Reaching pan-European Integration in Open Banking - PFL.pdf
3.58 MB
2.4 API options for banks (by Michael Salmony).mp4
13 mins
3.1 Bank Strategies for Open Banking
We explore the strategies that banks might adopt in implementing Open Banking. Should a bank be anaggregator, a wholesaler, or go it alone? What are the implementation options available to banks, why would abank choose a particular option, and what are the pros and cons of each option? Is a multi-pronged strategyviable?

EU - European Strategy for Data.pdf
1.2 MB
EU - Digital Strategy for Europe.pdf
882 KB
UK - Data Mobility.pdf
7.45 MB
3.1 Bank Strategies for Open Banking (by Paul Brisk).mp4
14 mins
3.2 Partnering Strategies for Banks
Open Banking is often described as banks collaborating with third parties to build innovative solutions thatprovide benefits that are greater than could be achieved if each partner attempted to deliver the solutionalone. “The whole is greater than the sum of its parts”. How do banks find the right role in an Open Bankingcollaboration? We examine the possible partnering strategies.

3.2 Partnering Strategies for Banks (by Paul Brisk).mp4
15 mins
Preview of Module 3.2
3 mins
3.3 What Open Banking may develop into
We step back to see the enormous power and creativity that “opening up”, standard platforms and APIs havealready unleashed in many industries. We suggest that Open Banking is just the beginning of a widerdevelopment for finance and part of a global cross-industry trend. We share some of the regulations emergingacross the world that aim to promote the wider sharing of data (not only for payments and finance) and forcreating a more level playing field across many industries. There are some challenges – which will be noted –that need to be overcome but the goal is an API Mashup Economy connecting all and providing new businessmodels and opportunities for all. Some of these we already see.

3.3 What Open Banking May Develop Into (by Michael Salmony).mp4
14 mins
3.4 What to expect in the future
Finally we look at some of the new business models and new services that we can expect to emerge in thefuture. With the current beginnings of Open Banking, the further opening up of all areas of finance and of allother industries we will see new connected models that were not possible before. We show some that we canexpect – and show some surprising examples of what is not expected, but are likely to happen. We close withan outlook on the worldwide development across all industries, where banking and finance will play asignificant role. Indeed Open Banking is the beginning of a development where financial services can play a keyrole in the new digital economy.

Citi - Age of Consent - The case for Federated Bank ID.pdf
4.46 MB
3.4 What to Expect in the Future (by Michael Salmony).mp4
14 mins
Quiz - Part 2
Open Banking Quiz – Part 2
Additional Reading Materials (Hard core drill downs)
Singapore abs-api-playbook.pdf
19 MB
Berlin Group Standards