Preparing for Open X – The World Fintech Report 2019 by Capgemini

Last week Capgemini released their annual fintech report – World Fintech Report 2019. Capgemini provide a cool Fintech Report 2019 infographic recap, which i have shared below.

World Fintech Report 2019 – 5 Key Themes:

  1. Capgemini and Esma believe the financial services sector must look beyond the current open banking “phase” and toward a future shared marketplace, and move now toward this next phase which they are calling Open X
  2. Open X turns the traditional banking model on its head and therefore requires a dramatic rethink, emphasising:
    1. Experience over products
    2. Data over assets
    3. Partnering over build/buy
    4. Shared Access over ownership
  3. API monestisation will, according to Capgemini, enable success in this next Open X phase
    1. Direct:
      1. Revenue sharing
      2. API fees through calls, subscription, transactions
    2. Indirect:
      1. Meaningful data and insights
      2. Referred business
      3. Brand and product promotion
  4. Factors hindering Open Banking include:
    1. Data security and privacy concerns Рthink Facebook and the Cambridge Analytica scandal
    2. Fear over the loss of control, particularly over the customers data – think boardroom mindset change
    3. Various and conflicting mindsets – think potentially letting go of traditional banking services and products
    4. Regulatory compliance and cybersecurity concerns – think evolving cybersecurity threats and mounting regulatory pressure
    5. Partnering and collaborating with the right companies – think trust
  5. Preparing for Open X requires:
    1. The right talent
    2. Utilising data and technology
    3. Collaboration across the ecosystem to modernise in-house systems and processes

The Evolution of Banking

Leave a Reply

  

  

  

This site uses Akismet to reduce spam. Learn how your comment data is processed.