Open Banking has seen a surge in recent times as professionals in the industry become more aware of this new banking approach and more countries catch up with this new way of finance. However, many are yet to understand the complex ecosystem forming behind Open Banking, and more specifically, the role that new entrants play.
New entrants have been appearing on the Open Banking stage as Third Party Providers (TPPs) and gained a strong presence in the finance industry. This is the case of Yolt which reached 1 million clients in 2 years.
New entrants are a source of innovation for the industry, provoking incumbents to transform as they adopt TTPs’ services, in order to opt for a business model that their legacy system does not allow them to adopt on their own. New entrants in this ecosystem can be anyone, from non-banking players like neo-bank to fintech startups to merchants and tech companies. Regulatory changes in Open Banking have led to major implications for TPPs, allowing them to consolidate their position as key in the Open Banking environment.
Open Banking democratizes the access to the banking industry, now accessible by non-banking players, in order to create more personalised and transparent services as customers’ expectations rise in finance.
CFTE has curated the course Business Models and Implementation of New Entrants with industry expert Anna Maj to unveil the importance and implications of new entrants in Open Banking. Anna brings 20 years of experience in driving and fostering banking and payments innovation in Europe, with a focus on CEE (PWC, Citigroup, T-Mobile, mBank).
She has worked in both big incumbents banks and fintech startups, perfectly connecting the two worlds as they come together in Open Banking. Her particular expertise lies in the field of innovative digital payment and financial solutions, acquired through her many strategy, innovation, and product management roles. Anna introduced one of the first online payment gateways in the CEMEA region, as well as the first digital wallet and mobile payment platform.
Currently, Anna Maj is building cooperation models between banks and Fintech startups, making her expertise invaluable to this course. She is also se co-author of the PAYTECH Book.
My “Open Banking” journey commenced almost 20 years ago at Citi where I was developing MyCiti.com account aggregation solution for the CEE markets. I am pleased to share my perspective on how Open APIs and Open Banking have been transforming Finance.Open Banking is a new chapter for banks and fintechs absorbing other verticals & industries and unlocking the Open Finance potential. It is a part of a wider Open Data ecosystem, a natural environment not only for big tech companies, but also for new entrants in FinTech.Anna Maj, Fintech Leader
Details about Business Models and Implementation of New Entrants
This course provides a deep understanding of the innovations brought about by new players in the Open Banking ecosystem and how traditional finance players can foster innovative collaboration rather than competition. Learners will gain a profound comprehension of the API technology enabling the sharing of data and how this can be leveraged to ideate new business models. By understanding the Open Banking landscape, learners will evaluate the risk and opportunities presented to new entrants in the market. The course will go one step further and present the learners with what follows after Open Banking: Open Finance and Open Data ecosystems.
Through collaboration with experts in the industry, this course serves as a one-stop-shop for a comprehensive understanding of the innovation in business models fostered by Open Banking.
The contributing experts that played a key role in the creation of this course are:
- Liz Oakes – Executive Vice-President at Mastercard. Leads Mastercard’s long-term strategy for Product & Innovation to deliver the best customer experience through co-innovation, partnerships and M&A.
- Leon Muis – Chief Business Officer at Yolt. Made Yolt the first Third Party Provider to connect to Open Banking in the UK
- Keith Grose – Head of UK at Plaid. Former Googler, he leads UK and Europe’s development of one the biggest API provider in the world, Plaid.
Details about Open Banking & Platforms in Finance Specialisation
Business Models and Implementation of New Entrants is the second course in the “Open Banking & Platforms in Finance” specialisation launched by CFTE. The specialisation is the world’s first online programme in Open Banking, created in collaboration with industry leaders, and curated with feedback from hundreds of industry experts globally. Through this specialisation, learners can get the essential knowledge to understand and successfully apply the practice of Open banking to their jobs.
The course lectures are delivered in a video format, accompanied by bitesize expert interviews. Reading materials and assessment quizzes help learners explore a topic further and test their knowledge as they progress.
The five courses in the specialisation and their lecturers are:
- An Industry Overview of Open Banking, taught by Paul Rohan, Head of Business Strategy Finance, Google Cloud Apigee
- Business Model and Implementation of New Entrants, taught by Anna Maj, Fintech Leader & Advisor
- Business Model and Transformation of Incumbents, taught by Secil Watson, Head of Digital Solutions for Business, Wells Fargo
- Regulation, Standards and Operational Risks, taught by Carlos Figueredo, Founder and CEO, Open Vector
- Technology and Security, taught by Stephan Murer, ex-Group CTO at UBS and CEO of Murer Consulting
Upon completion of each of the five courses, participants will achieve the complete specialisation and receive a certificate.
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