Open Banking 1: Europe with Hesus Inoma & Daniel Döderlein | E159

In this 159th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Hesus Inoma and Daniel Döderlein. As 2 pioneers of Open Banking in Europe, Daniel and Hesus are here to discuss the current movements and innovations of world leaders in European Banking!

Episode Highlights:

• 0:18 – Jason explains why he is hosting a 5–part series on Open Banking.
• 1:41 – Daniel Döderlein introduces himself and what he does.
• 2:29 – Hesus Inoma introduces himself and his professional experience.
• 3:32 – Daniel defines Open Banking for the layperson.
• 9:16 – What is PSD2 and what was its impact?
• 12:20 – Jason and Hesus break down how banks will win or lose with Open Banking.
• 15:36 – Daniel explains how banks have been rotten and spoiled for so long.
• 19:39 – What will happen to big banks in the future with Open Banking?
• 26:46 – Jason, Hesus, and Daniel discuss the shift in innovation that is happening in banking right now.
• 32:52 – What does the customer really want and where does the business lie?
• 37:00 – Jason breaks down the varying bank concentrations in different parts of the world.
• 39:45 – Hesus and Daniel share their thoughts on the Visa–Plaid deal and the recent antitrust lawsuit surrounding it.
• 47:22 – What is not working and what needs to change?
• 53:28 – Daniel lays out a concerning future dilemma and question.
• 55:00 – Hesus shares his final thoughts on the future of Open Banking.

3 Key Points

1. Accepting card payments comes at a cost, either handled by the business or a service provider, presenting a problem for businesses that operate outside of Open Banking.
2. PSD2, a regulation for electronic payment services in Europe, is putting the banking system in its place while also assisting banks in adapting to new Open Banking technologies.
3. Over 50% of countries have 3 banks controlling more than 66% of the entire country’s banking deposits.

Tweetable Quotes:

• “For us, Open Banking is a journey that will lead from Open Banking to Open Finance to open the economy.” – Hesus Inoma
• “When you really think about it, banking is a highly–commoditized business.” – Jason Pereira
• “The smaller players have always been reliant on the large players in terms of infrastructure, access, and service rendering.” – Daniel Döderlein
• “Everyone hates at least one of the banks that we deal with in this country, loves to buy the stocks to get the dividends, but also thinks we need them because they’re safe.” – Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• FintechImpact.co – Website for Fintech Impact
• JasonPereira.ca – Sign up for Jason Pereira’s newsletter
• Woodgate.com – Website for Woodgate Financial
• Bbvausa.com/ – Website for BBVA
• Visa–Plaid Deal – Article Discussing the Visa–Plaid Deal
• Doderlein.com/ – Daniel Döderlein’s Website
• LinkedIn – Hesus Inoma’s LinkedIn

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