LEADERSHIP THOUGHTS: OPEN BANKING
ONE GIANT LEAP FOR BANKING Richard Dratva, Chief Strategy Officer for digital solutions provider Crealogix, believe that now the drama of liftoff is over, open banking will prove to be a cosmic jump for financial services This July, the world celebrated 50 years since man first set foot on the moon – the giant leap for mankind that encouraged a generation of baby boomers to reach for the stars. But, as discussion turned to the legacy of Apollo 11 half a century later, commentators began to ask: what have we really achieved in space exploration since then?
The same might be said of digital banking. With the first ATM machine produced in London in 1967, two years before the moon landings, technology has, in many ways, been slow to deliver the cosmic strides in banking that customers might have expected over the following
52 years. Yes, nearly all banks offer basic digital banking services in 2019 – but has the promised revolution in personal banking capabilities really delivered? Enter the UK’s Competition and Markets Authority, which intervened decisively in the banking industry last year by introducing the world’s first Open Banking framework, requiring all banks to share their data to
Open banking has landed: Now banks need to look towards the future
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TheFintechMagazine | Issue 13
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