During 2017, Finextra, in association with Temenos, hosted a seminar series in London designed to unpick and explore the challenges – and opportunities – for financial services firms grappling with the transition to a digital world.
The three co-hosted sessions brought together 100 plus delegates to hear experts from across the industry deliver insightful presentations and participate in in-depth discussions. The aim of the seminars was to examine in detail the options for financial services firms as they reshape their business models and reinvent their technology approaches in response to digitalisation.
Since January 2018, when the revised Payment Services Directive (PSD2) came into force, the concept of open banking has become a reality. This has made it possible for new competitors to enter the fray, offering innovative products and services and excelling in customer experience and intensifying the pressure on established banks to leverage the data they possess to match the customer engagement levels achieved by the new entrants.
To stay relevant, financial institutions now need to execute their strategies for responding to this fundamental market change. They must implement the new business models on which they are betting their futures - along with the technology architectures required to support them.
At the time the Finextra/Temenos sessions took place, the new world of open banking was fast approaching, and attendees' minds were clearly focused on achieving compliance, fending off new sources of competition, and making the most of the opportunity presented by the changes: to deliver a better service to their customers, and to drive revenue growth for their own businesses.
In this context, the three seminars examined in turn the role of cloud computing within a digital strategy, progress by financial institutions in harnessing data and analytics to improve customer experience, and options open to them to reinvent their business models for open banking.