FS Club News Events Partnerships - OPEN BANKING: SUCCESS STORY OR JUST ANOTHER BUZZ WORD? - Long Finance
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FS Club
News Events Partnerships
OPEN BANKING: SUCCESS STORY OR JUST ANOTHER BUZZ WORD?
David Beardmore, EcoSystem Development Director, Open Banking Implementation Entity (OBIE)
Webinar
Friday, 23 July 2021, 11:00 BST
A Word From Today’s Chairman
Robert Pay
Business Advisor
Z/Yen Group
2
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Today’s Agenda
• 11:00 – 11:05 Chairman’s Introduction
• 11:05 – 11:25 Keynote Presentation – David Beardmore
• 11:25 – 11:45 Question & Answer
4
Today’s Speaker
David Beardmore
EcoSystem Development Director
Open Banking Implementation Entity (OBIE)
5
Opening Poll 1 How much do you know about Open Banking already? a) Nothing at all – I’m here to learn b) A little – I have a rough idea c) I know quite a bit about it
Opening Poll 2 Is your organisation actively involved in open banking in some way? a) Yes b) No c) I don’t know
WHAT IS OPEN BANKING?
Consumer view Key principles
A consumer choosing to give access
• Consumers having rights of
to transactional banking data from
their current account to an access to data (cf. CDR)
organisation that’s NOT their bank • Consumer consent is
fundamental to OB
Industry view • A trust framework operates
to ensure data flows between
Authorised and approved 3rd parties
(TPPs) can access this data with the regulated parties
consumer’s consent to provide • 9 largest UK banks are
products and services mandated to deliver by CMA
22/07/2021 9
OPEN BANKING IMPLEMENTATION ENTITY 22/07/2021 10
THE JOURNEY
since January 13th 2018
322 (91 + 231)
781
800m+
Consumers with
3.65m+ OB connected
accounts
22/07/2021 112 GROUPS OF END USERS
From the initial market investigation report, to the launch of open banking in January 2018,
the CMA has focussed on two key audiences:
Consumers SMEs
Open banking is building the UK’s financial Open banking is helping to build the
health and well-being, helping consumers success of the UK's Small Business sector,
become more engaged in their finances, by helping them become more resilient,
make better decisions, and get more for productive and profitable
their money
22/07/2021 12OPEN BANKING ENABLERS FOR CONSUMERS?
Personal financial Debt Advice Borrowing – affordability,
management rent recognition, credit
Tully, Experian
Yolt, Emma, MoneyHub, Portify, Canopy, Experian,
Money Dashboard, Fintify
Microsavings & New ways Prompt to
investment to pay Switch
Plum, Chip, Moneybox Ordo, American Yolt, Plum, Emma
Express, Truelayer
22/07/2021 13OPEN BANKING ENABLERS FOR SMEs?
New ways to pay
Cashflow and get paid
Cloud accounting
forecasting
Xero, Quickbooks, 1. Request to Pay
Freeagent, Sage Fluidly, Slideby
(+ Cloud Accounting Ordo, Citizen
Providers)
2. International Payments
Currensea, Revolut,
Credit brokering Alternative SME Transferwise,
or comparison finance Currencycloud
Plum, Chip, Moneybox Marketinvoice,
Funding Circle 3. Alternative Payments
Pay with Bank transfer
22/07/2021 14OBIE’S APP STORE
SME-focused apps & services Consumer-focused apps & services
Visit www.openbanking.org.uk/app-store/
22/07/2021 15THANK YOU David Beardmore Ecosystem Development Director Open Banking Implementation Entity, UK david.beardmore@openbanking.org.uk 22/07/2021 Classification: PUBLIC 16
Comments, Questions & Answers
17Closing Poll How useful do you think open banking is going to be now and in the near future? a) Very useful b) May have an impact but too early to tell c) Not convinced
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Thank You For Listening
Forthcoming Events
• Mon, 26 Jul (15:00-15:45) Meritocracies: Why Glass Ceilings Are Closer To A Feature Than Bug (And
What We Can Do About It)
• Tue, 27 Jul (15:00-15:45) Financial Centres Of The World 2021: Focus On Guernsey
• Wed, 28 Jul (15:00-15:45) Cryptocurrency - The Parallel Financial World
• Fri, 30 Jul (11:00-11:45) Privacy Enhancing Technologies & Their Potential For Global Impact
Visit https://fsclub.zyen.com/events/forthcoming-events/You can also read
