The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
How do you create business agility whilst leveraging the API economy? This CSS Insight paper analyses the elements emerging as essential considerations for banks and their innovation programs, embracing the API economy, leveraging developer portals and building ecosystems.
• Changing market dynamics
• Advent of the API economy
• Developer Portals and banking
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
Open banking, which is based on data sharing, is poised
to be the next wave of digital transformation in the financial sector in Asia
Pacific. It is unlikely to be a short-lived trend, and has gained momentum
because of the extra push from regulators, who generally support it and in some
countries mandate it.
In this white paper, a joint venture by Microsoft, Linklaters and Accenture, in which our very own Rohini Goyal – APAC Digital Strategist at Temenos contributed to, explores the various drivers behind open banking in Asia Pacific, as well as the challenges financial institutions and regulators will have to address to ensure all participants can reap the benefits. In conclusion, the white paper offers recommendations to the industry and regulators towards the successful adoption and advantages of open banking.
This white
paper includes the insights and perspectives of over a dozen interviewees
representing different parts of the open banking ecosystem, including incumbent
financial institutions, fintechs, technology companies, consultancies and
others.
With open banking, “unless you’re adding value for the end customer, it won’t stick.”
Rohini Goyal, APAC Digital Strategist at Temenos
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
Asia’s emerging markets are among the world’s fastest-growing economies, and their growth is fueling an expansion of the middle class, both in size and financial clout.
By 2030, the region will accommodate two-thirds of the global middle class population, according to the OECD. In China alone, the middle class is expected to swell to almost 1.2 billion people in the same time period. As a result, the world’s purchasing power center is gradually shifting from West to East.
This trajectory will have significant implications for the financial services industry, especially when it comes to wealth management. However, despite these changing dynamics, many in the sector remain focused on serving deep-pocketed clients. At Temenos, it is our view that Asia’s burgeoning mass affluent market offers vital opportunities, and fintech developments pave the way to make the most of them.
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
It seems like a simple question that would be commonplace as we continue to embrace technology for our finances. It would seem reasonable to assume that banks have undertaken this unassuming exercise as they invest heavily into digital banking platforms and services. Yet few have and few really know what their retail customers want – at least that was our hypothesis.
In partnership with Tech Research Asia (TRA), we decided to investigate and test our hypothesis via a comprehensive research project. TRA surveyed over 2000 consumers in China, Hong Kong, The Philippines and Australia. We also asked over 100 individuals in face-to-face video interviews in Sydney, Manila, Shanghai and Hong Kong what they thought about their current digital banking experiences and what they want in future.
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
Payment players today have a Catch-22 on their hands – they need to deliver on key industry and market initiatives like SWIFT gpi, ISO20022 migration of SWIFT and various RTGS systems, Universal Confirmations and new payment regulations on one hand, while also delivering strategic changes to their payment landscape to make it ‘agile’ and ‘future-ready’ to deal with needs of a ‘real-time’ world.
Navigating these challenges requires finding the right balance in your priorities – distinguishing the overlap between ‘urgent’ and ‘important’ initiatives to deliver on both.
This report from Ovum provides insights on the spectrum of challenges faced by payments providers today and their prioritisation.
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
However, this is not a one size fits all utopia, in fact quite the opposite. Payment owners need to carefully navigate and evaluate on a number of strategic choices available to them today via cloud. This is based on their business context and ranges from which cloud-based solution to opt for, and how it’s going to be deployed and delivered, to the scope of services they want to be covered in their arrangements.
This research report from Celent puts a spotlight on the key factors that payment leaders need to incorporate in their thinking when determining the right cloud solution for their needs.
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
Small and mid-sized banks and credit unions struggle to match big bank digital innovations and differentiate from their competitors. In order to compete and remain relevant, it’s clear that the way forward is to not build a digital wall between you and your customers or members.
With Temenos Engage, financial institutions are able to deliver meaningful experiences across all the critical moments when relationships are created, built, and cemented.
Download Human Middleware to discover how Temenos Engage can help you:
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
To remain competitive, banks globally have responded, some taking leadership positions, whilst others are being dragged into digital sales very slowly.
This 2019 version of our annual report tells a story of maturity in one segment and an overall market still open with gaps and opportunities to differentiate from the pack.
In this study you will access:
The findings in this report are based on an assessment of the digital readiness of over 80 banks in the Middle East, Africa, North America, Europe and Australia.
The rapid evolution of digital technology and open banking regulation has brought both new opportunities and challenges for banks, but what are these new goal posts?
The survey is part of a global research program on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.
In addition to the global EIU report, we have published a European specific report, looking at banks within the region. Key highlights include:
Find out what ABN AMRO, Nationwide, and bunq amongst other are thinking about digital banking, innovation strategies and where are they directing their digital investments.
