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Open banking experiences set the stage for Open X
Journal of Digital Banking,
4
(4),
307-317
(2020)
Abstract
As open banking regulations encouraged established firms to collaborate with FinTech newcomers as solution partners, the banking ecosystem became more convenient for customers through greater transparency in data exchange. Now an emphasis on delivering experiences versus only products is driving banks to focus on the entire customer journey and touchpoints in customers’ daily lives. Within this evolving banking ecosystem, data is becoming a critical asset, with front runners holding and storing information while also using it strategically to inform business decisions, create value and unlock revenue. Collaboration with financial services (FS) has become commonplace as firms pursue new capabilities by working with best-fit partners versus building or buying new resources — a shift that allows them to innovate without losing the focus on essential activities. As ecosystem partnerships promote shared access versus complete ownership, banks and other players will be able to refine their products, adopt offerings from across ecosystems and create new sources of revenue. This paper demonstrates how the inevitable new FS era, Open X, will feature a shared marketplace with a seamless exchange of resources, improved experiences for customers and others and expedited product innovation to create a winning go-to-market platform for all ecosystem participants.
Keywords: AI; APIs; API standardisation; applied innovation; artificial intelligence; automation; banking ecosystem; bundling; customer experience; data science; digitisation; FinTechs; FS; financial services; integrated ecosystem; open banking; Open X; PSD2; rebundling; ScaleUp Qualification; sharing economy; shared marketplace; structured collaboration
The full article is available to subscribers to the journal.
Author's Biography
Elias Ghanem is an expert in payments and start-up ecosystem with more than 25 years of experience in the industry. Elias is currently the Global Head of Market Intelligence at Capgemini Financial Services, where he oversees the development and roll-out of Capgemini’s global FS thought leadership (World Reports and White Papers). Elias joined Capgemini in 2017 as the VP FinTech with the mission of working closely with the financial services institutions on their major challenges of digital transformation. His focus has been on engaging with late-stage FinTechs and InsurTechs scale-ups to actively and efficiently embed them with Capgemini Financial Services clients. For that purpose he launched the Capgemini ScaleUp Qualification programme, an end-to-end methodology to evaluate the maturity of a late-stage FinTech or InsurTech firm to collaborate effectively with an established corporate. As of September 2019, more than 50 scale-ups around the globe were participating in the programme. Before joining Capgemini, Elias worked at VISA and PayPal in roles spanning APAC Head of Visa Consulting to PayPal Regional Managing Director in South East Asia & India (SEA & India) and Middle East and North Africa (MENA). In 2013, he co-founded Telr, in Singapore and Dubai, an online Payment Gateway for emerging markets, which won the ‘2014 Start-up of the Year’ award in MENA. Elias is a FinTech entrepreneur, advising several high-growth and disruptive payment start-ups in Washington, Singapore, Barcelona, Beirut and Dubai. He was on the board or served as chairman of some of them. He is a certified ‘Scaling Up’ coach and an enthusiastic speaker about the future of banking and payments. Elias is a global citizen, having lived in the United States, Latin America, Asia, the Middle East and currently he lives in Europe.
