From Open Banking to Open Finance: What Does the Future State Look Like?

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Charlotte Crosswell OBE, Chair of the Centre for Finance, Innovation and Technology (CFIT), Keith Grose, COO at Sequence, and Alex Johnson, Creator of Fintech Takes to discuss everything Open Finance.

What does the future state of Open Finance look like and how will Open Banking develop in global markets?

Timestamps:

- 00:18: What is the future of Open Banking? 
- 02:58: What’s the role of industry associations in the Fintech industry? 
- 07:27: Making banks work harder for you? 
- 09:13: Why has Open Banking taken so long? 
- 12:03: The benefits of Open Banking and Open Finance. 
- 14:06: How Open Banking has become a “default” piece of infrastructure for new financial apps. 
- 15:38: The challenges of getting the nine largest banks to agree on a common set of standards. 
- 17:46: What’s the biggest impact on adoption? 
- 18:41: What’s the impact of Open Banking on SMEs? 
- 21:51: What is the best iteration of Open Banking around the world?
- 25:47: Why the implementation of Open Banking has been so hard in the UK. 
- 27:30: The stage of the country’s maturity of their banking system and what they are trying to open up. 
- 29:10: What are the implications of the new proposals for the industry? 
- 30:18: What’s the future of Open Finance? 
- 37:21: The pace of change is unlike anything that we’ve ever seen before. 
- 38:56: What’s going to happen in the banking industry in 10 years. 
- 41:26: What are the benefits of using Open Banking?

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• You can find Adam Davis here
• You can find Jeff Tijssen here
• You can find Charlotte Crosswell OBE here
• You can find Keith Grose here
• You can find Alex Johnson

For more insights from the Deciphered podcast, visit the page on Bain’s website.