Open banking is not just a trend anymore but a major concern for most bank executives who are expecting (waiting?) a big change on their business in the coming years.
At least two forces are currently driving open banking: technology and regulation. In Europe for example, the PSD2 directive is accelerating the trend to open banking to let third-part providers (TPPs) and Fintech access customers’ data. To make it possible, banks will have to develop open Application Programming Interfaces (APIs) to let any counter part access their system.
Ron Shevlin, Director of research at Cornerstone Advisory and best-seller author of Smarter Bank, recently updated the new models of banks that are emerging with the rise of open banking (see the chart before from the Financial Brand).
Open Banking: key figures
88% of banks expect PSD2 to have an impact on their business.
Despite the high perception of risk, 44% of banks plan to provide an open bank offering in the next 5 years.
64% of banks intend to integrate foreign products or functionalities into own digital offering.
In Europe, the budget to get a banking license is estimated at approximately €20 million.
Open Banking by BNP Paribas
BNP Paribas is among the most active bank in Fintech in Europe and announced last February a digital investment plan of $3 billion to ‘build the bank of tomorrow’.
To be the bank of tomorrow, BNP Paribas also has to adopt an innovative mindset, working closely with disruptors and connecting them with its employees to engage the whole group into this massive transformation. To do so, BNP Paribas hold various workshops all along the year with experts and entrepreneurs with its latest event happening in Paris next Tuesday the 30th on Open Banking.
Why you should come?
BNP Paribas opens its doors to connect the most innovative startups with BNP Paribas executives. Regtech and fintech startups will have the opportunity to pitch their ideas on how their technologies can accelerate the open banking trend and solve key regulatory matters.
Tuesday the 30th in Paris from 9:am to 2pm
Pan Piper – 2-4 impasse Lamier – 75011 Paris
9:30 – 10:30: Fortia & BNP, a successful collaboration
10:30 – 12:00: Speed Networking Sessions with Regtech / Open banking players and BNP experts
12:00 – 12:45: Demo
12:45 – 14:00: Lunch / Networking
Techfoliance is partnering with BNP Paribas to connect decision makers with Regtech / Open Banking players.
Do not hesitate to contact us if you have any questions regarding the event or want to partner with us to be connect with the most advanced innovators!