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Open banking: Towards platform and modular banking
Journal of Digital Banking,
4
(2),
131-143
(2019)
Abstract
PSD2, the second Payment Services Directive, is progressively affecting the European banking sector, creating a favourable environment for a more ambitious open banking system. This major change driver encourages the potential of open banking in the European Union. Banking data is becoming available to third-party players, such as FinTech start-ups or big tech companies. Open banking is both a threat and an opportunity for traditional actors. It will structurally and durably affect the banking sector, favouring new kinds of partnerships and ecosystems. This paper aims to help the reader to: understand the fundamental drivers of the structural change brought about by open banking; have a better vision of how application programming interfaces (APIs) can be used in a competitive market; identify the strategies banks can use to adapt to this new environment; appreciate how the emergence of new entrants is favoured; figure out how these new entrants’ approach can diverge from traditional models; get ready for the challenges facing tomorrow’s banking sector. The examples provided illustrate how new strategies tend to emerge and present a panel of innovative solutions to manage our banking and investing services.
Keywords: API; open banking; digital banking; PSD2; neo-bank; FinTechs
The full article is available to subscribers to the journal.
Author's Biography
Yvon Moysan is a lecturer in digital marketing, academic director of a master’s degree programme in apprenticeship in digital marketing and innovation and a member of the Crédit Agricole Nord de France Digital Banking & Big Data Chair at IÉSEG School of Management. He is also the chief executive officer (CEO) of Saint Germain Consulting, a consulting company in digital marketing, which focuses on the banking and insurance industries. He graduated from Harvard and ESSEC and has more than 15 years of professional experience in digital marketing (BNP PARIBAS, HSBC France, AXA worldwide headquarters, etc.). He contributes to several practice-oriented journals such as Journal of Digital Banking, Revue Banque, Banque et Stratégie and L’Argus de l’Assurance. He is also frequently interviewed and quoted in the press, such as in La Revue du Digital, Atlantico, Banque Hebdo and L’Agefi. He is also a public speaker and has participated in several international academic and professional conferences, such as In Banque, EFMA, Mobile Shopping Europe, e Tail or Dialogkonferansen.
Margaux Rudnicki is Senior Consultant in digital transformation, at Initio, member of the Square Group. With more than three years of experience in banking consulting and two years in marketing and digital strategy, she was part of different types of projects always related to change management, digital strategy, user experience, analytics, tools implementations and regulatory compliance. Currently in Luxembourg, she is keenly interested in the Payment Services Directive (PSD2) and the impact it will have on banks. One of Margaux’s favourite topics is open banking, on which she has written many papers. In addition, she is currently assisting a major Luxembourg player in complying with PSD2. She was also part of the Robo-Advisory team at Initio, wrote a complete white paper and organised a conference on this subject. As a business analyst and as a project manager officer, Margaux specifically worked on projects in retail and private banks in France and in Luxembourg.
