Open Banking – Exploring New Opportunities

 

 

The Australian government’s moves toward implementation of open banking is a significant stride for the traditional banking industry and enables a structured and enforced open model. With the UK model paving the way, the critical question now is how Australia can learn from the European models and pave the way for an improved and better version 2.0.

We begin the discussion with two introductions from the European experience

  • Gijs Boudewijn | Chair Payment Systems Committee | The European Banking Federation (EBF) | Brussels
  • Christian Schäfer | Director | Head of Payment Products & Solutions | Initiative Director – Group-wide PSD2 project | Deutsche Bank AG | (via video from Frankfurt)

During the panel discussion, we will discuss the European model as well as new opportunities for Australia’s financial industry.

What roles will remain for banks? 
After banks have opened and allowed third parties access to customer data, how should they imagine their future roles? How can they generate new revenue streams and evolve to avoid redundancy? Globally, which banks lead in this digital open transformation?

Will banks get reciprocal access to social media from tech giants?
When banks allow third-party access, will the reverse then be the case? When the likes of Amazon, Facebook, and Google have access to bank customer’s data, will they be regulated and mandated to open their APIs and share their data as well? Where is the fair playing field?

Responsibilities of third-party data sharing
Consumer data rights are an essential consideration for any open banking regime. How will third parties be regulated in data sharing? What rules or legal frameworks are in place in data breaches?

Join our expert panel at this hot discussion on open banking at the Australian Payment Summit 2018.

  • Gijs Boudewijn | Chair Payment Systems Committee | The European Banking Federation (EBF) | Brussels
  • Steve Wiggins | Chief Executive | Payments NZ | Auckland
  • Philip Finnegan | Managing Director, Pacific | ACI Worldwide | Sydney
  • Scott Farrell | Senior Partner | King & Wood Mallesons | Sydney
  • Dr Leila Fourie | CEO | Australian Payments Network | Sydney (moderator)