Open Banking is the Most Transformative Change the Industry Has Seen in Years, Say Banking Leaders in One Connected Community’s (OCC) Latest Whitepaper

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Recent research conducted by One Connected Community and PowerObjects, highlights 2018 as the year of banking’s legislation driven transformation.

With much upheaval as a result of regulatory changes to come next year, 2018 is set to be a transformative year for Europe’s digital economy and for Europe’s banks.

As Mark Hartley, Strategic Advisor to Nationwide and Nordea, puts it:

“Changing regulation will drive digital banking. If you read between the lines, the new regulations try to inspire data-driven customer-centricity. Customer-centricity is a term that has been banded around for some time. It’s now a reality, inspired by the regulation.”

Two notable regulatory changes coming into play in 2018 are the Payment Services Directive II (PSD2) in January, and the General Data Protection Regulation (GDPR) in May.

While PSD2 requires banks to open customer account and transaction data to third parties via open Application Programme Interfaces (APIs), GDPR imposes rigorous requirements for them to protect customer privacy.

On the face of things, the two regulation are at loggerheads. But, OCC’s evaluation suggests that the two regulations are aligned in principle; they’re both set out to give customers more control over their data.

A significant overlap is the issue of consent. Jamie Harding, Partner, Financial Services, OCC, says:

“The overriding principle is around customers controlling their data. A thorough and considered approach to consent ties this process together, ensuring a seamless experience for banks, third parties and, ultimately, the customer.”

The 10 page whitepaper sets out how banks should approach these regulatory challenges. It suggests that a joined-up approach, which marries aligned principles, such as that of consent, is crucial for ongoing success.

OCC’s newly published whitepaper ‘Banking’s Legislation Driven Transformation’ is available to download here: https://www.oneconnectedcommunity.co.uk/occ-psd2-gdpr-whitepaper

In addition, PowerObjects and OCC host a live debate on banking’s legislation driven transformation on October 5th at 2PM (BST), in which some fantastic speakers will share their positions:

Will Beeson, Head of Operations and Innovation, Civilised Bank
Francesca Gandolfo, COO, OakNorth
Paul Rogers, Director of Microsoft Dynamics 365, PowerObjects
Paul Riseborough, Chief Commercial Officer, Metro Bank

You can join the discussion here: http://uk.powerobjects.com/events/gdpr-psd2-opportunity-strengthen-customer-relationships/

“Both the whitepaper and live debate will give those working in financial services – and those from other industries that are going through the same transformational change – a dose of inspiration and some ammunition to tackle the changes they face,” says Harding.

About One Connected Community

OCC prepare people and organisations to navigate change, through bespoke research on the role of culture and technology in business transformation and customer-first thinking.

OCC invite the most influential figures to challenge, transform and define the future of customer experience across intimate workshops, interviews, podcasts and video documentaries.

Founded on a social enterprise model, since 2013, proceeds support London’s young adults who have learning disabilities.

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George Kiley

Jamie Harding
@1connected
since: 10/2014
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