January 5th, 2018
FDATA Open Banking Summit: What we gave and what we took away
Last month our CEO James Varga was a panellist at FDATA’s event; Open Banking Summit 2020 – 30. in London. The event, which was attended by figures and organisations from the financial technology community, featured the first public demo of the Open Banking Directory, alongside a number of other interesting talks and discussions.
The general feeling at this event was a sense of great excitement around the implementation of Open Banking and PSD2. The audience mainly consisted of Open Banking experts, so there was less pitching and more technical discussion around implementation, challenges, benefits, and communication.
The panels were all brilliantly managed by Ghela Boskovich, head of Fintech & Regtech partnership at Startupbootcamp Fintech. Ghela made sure the discussions flowed well and answers to questions were well explained. In particular security, privacy and communication were key themes that resurfaced throughout each panel discussion, and as such, these topics were covered more thoroughly than other events The ID Co. has attended.
The ID Co. has been lobbying for quite some time on the fair use of open bank data, so it was great to see the first FDATA event come to life. The incredible turnout, interest from across the globe and the fantastic effort from FDATA members is a clear reflection of just how far forward things have moved.
James was invited onto the Charting 2030 panel, which involved six other key industry panellists, to speak about what open banking will look like in 2030. In his slot, he highlighted that while PSD2 is opening up banking data, there are wider ramifications. He discussed, for example, a natural extension of connecting an individual to their online bank is to leverage not only their data but their identity as well. Banks have a considerable role to play in this space and in terms of providing a high level of security and assurance to someone’s identity. The wider impact beyond simply making banking data available is a real change in the way data is used.
This change may not come from banks and the financial sector itself – often disruption comes from associated industries. There has already been a keen interest in bank data from gaming companies, for example, who are keen to support regulator demands for identifying financial distress, affordability, gambling habits and managing fraud. It’s all about identifying where the greatest pain exists and what benefits can be created to drive Open Banking adoption.
Overall, it was amazing to see the industry starting to come together. As a financial and regulatory technology company that has been focused on unlocking the value of bank identity and data for over seven years now – the recognition of this value and the fundamental change about to happen is great. We will definitely be making our way to the next FDATA’s Open banking summit.
DirectID by The ID Co. provides a world of convenience for businesses and their customers. Trusted customer verifications and real-time financial profiles combine to help businesses increase conversions, reduce fraud and make more accurate affordability decisions for financial products. The global platform combines a frictionless user experience, full customisation, reporting and data insights available through API integration or a hosted service. Learn more at https://directid.co.