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The key challenge faced by incumbent banks in implementing open banking is the transformation of their legacy structure and processes. However in a world where customers are seeking personalised services, these legacy structures are unable to generate customer satisfaction. This is where open banking comes in and allows financial institutions to differentiate themselves from the mass market product offerings, that are still largely characteristic of incumbent banks.    

The third course of the Open Banking specialisation, Business Models and Transformation of Incumbents, is delivered by Secil Watson, Executive Vice President and Head of Digital Solutions for Business at Wells Fargo. 

Secil currently leads the Commercial Electronic Office portal for Commercial Banking which transacts over $14tr payments annually. She also leads the Wells Fargo Gateway for open banking APIs, which processed 1.6bn data calls in 2019. In the past, she has managed key enterprise channels for consumers, businesses and commercial customers including wellsfargo.com and managed digital product P&Ls including Billpay. She has also grown new channels and capabilities from infancy, including mobile, P2P payments, fraud prevention and Open APIs.  

In her 18 years at Wells Fargo, Secil has transformed the bank digitally and brings with her deep knowledge on the transformation of incumbents. Her expertise will allow learners to get an understanding of the ways in which incumbent banks can leverage open banking to catalyse digital transformation in their organisations. 

In the words of Secil, “I believe new open banking use cases and ecosystems will transform banking and payments and allow incumbents to continue to compete by enabling them to deliver more relevant, convenient and secure solutions for their customers.”

Details about Business Models and Transformation of Incumbents

The course aims to provide an understanding of the ways in which incumbent banks are undergoing a digital transformation by utilising open banking. The course not only provides information on the development of the strategies used by these banks but also, delves deeper into the execution of these strategies. The content covers use cases of incumbent banks that have successfully undergone this digital transformation. Through further highlighting of success factors, learners are able to get a direct understanding of the formula that contributes towards catalysing this transformation.   

The experts that played a key role in the creation of this course are: 

• Liz Oakes (Executive Vice President, Mastercard). Who leads Mastercard’s long-term strategy for Product & Innovation to deliver the best customer experience through co-innovation, partnerships and M&A.

• Jitendra Tekchandni (Executive Director and Head of Open Banking at DBS Bank). Who is currently building an Open Banking ecosystem in Singapore.

• Claire Calmejane (Chief Innovation Officer at Societe Generale). Who leads SocGen’s Open Banking strategy with the recent acquisitions of the API-provider Trezzor and the french FinTech Shine.

Details about Open Banking & Platforms in Finance Specialisation 

Business Models and Transformation of Incumbents is only the third 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:

1. An Industry Overview of Open Banking, taught by Paul Rohan, Head of Business Strategy Finance, Google Cloud Apigee 
2. Business Model and Implementation of New Entrants, taught by Anna Maj, Fintech Leader & Advisor
3. Business Model and Transformation of Incumbents, taught by Secil Watson, Head of Digital Solutions for Business, Wells Fargo
4. Regulation, Standards and Operational Risks, taught by Carlos Figueredo, Founder and CEO, Open Vector
5. 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. 

For more details on the course/specialisation and to enrol, click here. Alternatively, you can contact us at admissions@cfte.education. 
For more information to train your organisation, contact us at partners@cfte.education

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Market changes and regulatory prominence in finance have resulted in hundreds of Fintech startups and traditional organisations shifting towards Open Banking in the last two years alone. The Open Banking market size is projected to grow at a 24.4% CAGR. Yet, despite such significant growth, the industry still faces challenges in implementing the right strategy for their organisation, due to a knowledge gap. Curated in collaboration with industry-wide experts, CFTE presents the industry’s first Open Banking and Platforms in Finance specialisation to overcome this issue.

The first course of the specialisation, An Industry Overview of Open Banking, is delivered by Paul Rohan, Head of Business Strategy Finance at Google Cloud Apigee. 

Paul’s focus lies on examining the impact of the API economy and digital ecosystems on the banking industry’s growth, market structures and bank governance. At Google, he advises finance customers globally on developing holistic business strategies. Previously, he owned a consulting firm that helped Incumbent Payment Service Providers refine their distribution strategies in an Open banking ecosystem, and supported non-bank service providers entering the payments ecosystem.

“We live in a connected world and customers increasingly expect their favourite brands to work together to provide personalised and connected digital experiences. Open Banking is how banks will participate in these connected experiences. These customer expectations impact banking just like they impact all service providers, so it is vitally important that financial professionals are well educated on the key characteristics of Open Banking” said Paul Rohan

With 20 years of experience at hand, Paul brings rich expertise in Course 1 of the specialisation to help learners acquire an understanding of the basic principles of Open banking.

Details about An Industry Overview of Open Banking

The course aims to provide an introduction to the practice of Open banking and platforms in finance. Learners will take away an extensive understanding of how Open Banking is transforming the competitive and strategic landscape of the industry. The content delves into the impact of platforms on financial services and the management of regulatory risks for organisations. Learners gain an insight into the implementation methods developed by both traditional financial institutions and new players entering the Open banking space. With a focus on real-life case studies from the industry, learners will uncover business models that originate from the platform ecosystem and success metrics to track the performance.

Through collaboration with experts in the industry, this course serves as a one-stop-shop for an end-to-end foundation on open banking and platforms. 

The experts that played a key role in the creation of this course are: 

• Paolo Sironi, Global Research Leader, Banking and Finance at IBM. A member of the IBM Industry Academy and one of the most respected voices in the FinTech industry.

• Leon Muis, Chief Business Officer at Yolt. Made Yolt the first Third Party Provider to connect to Open Banking in the UK.

• Jitendra Tekchandni, Executive Director and Head of Open Banking at DBS Bank. Currently building an Open Banking ecosystem in Singapore.

• Claire Calmejane, Chief Innovation Officer at Societe Generale. Leads SocGen’s Open Banking strategy with the recent acquisitions of the API-provider Trezzor and the french fintech Shine.

Details about Open Banking & Platforms in Finance Specialisation 

An Industry Overview of Open Banking is only the first 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:

1. An Industry Overview of Open Banking, taught by Paul Rohan, Head of Business Strategy Finance, Google Cloud Apigee 
2. Business Model and Implementation of New Entrants, taught by Anna Maj, Fintech Leader, ex-PWC 
3. Business Model and Transformation of Incumbents, taught by Secil Watson, Head of Digital Solutions for Business, Wells Fargo
4. Regulation, Standards and Operational Risks, taught by Carlos Figueredo, Founder and CEO, Open Vector
5. 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. 

For more details on the course/specialisation and to enrol, click here. Alternatively, you can contact us at admissions@cfte.education. 

For more information to train your organisation, contact us at partners@cfte.education.

For more updates, follow us on Linkedin, Facebook and Twitter.

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• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
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Based on the graph above, it can be seen that WeBank and Ant Financial have a significantly higher customer to employee ratio as compared to the other banks. Both the banks have a commonality of having technology companies as their parent companies with TenCent as WeBank’s parent company and Alibaba as Ant Financial’s. This technology outlook aligns with the current market trend of customers preference for digital banking services. Through effective implementation of digitisation, the banks have been able to keep a smaller number of employees needed per customer. 

Further, looking at more traditional banks- it can be seen that a traditional bank like Citi has 200K employees and 200M clients making the customer to employee ratio 1000. On the other hand, Ant Financial has 10K employees and 1.2B clients making the customer to employee ratio 120K. Although there is a difference in the markets, the 120X efficiency warrants questions with respect to efficiency of traditional banks. Therefore, the sheer size of the gap in the ratio between the two is testament to the need for banks to shift towards digitisation in order to stay competitive in the global and regional markets. 

Catch the opportunities of AI in Finance with CFTE’s online specialisation

Learn AI in Finance from industry leaders and start leveraging the opportunities of digital finance. Through the courses, you will gain an understanding of the emerging AI technologies as well as how to implement them so your organisation can be more efficient than others.

This specialisation is not taught by traditional lecturers. But by true digital finance experts who lead the way in today’s finance. Our courses are “For the industry, by the industry.”

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Methodology and Author’s Notes. 

This article does not mean that it is an exhaustive list of the biggest banks in terms of customers or employees. We could have implemented in our research other banks with surely different ratios, with more employees, more customers. Our goal was to illustrate the differences between different countries, markets and governments, as well as showing the differences between the traditional banks and challengers. Finally, we are aware that this research does not separate the different departments within traditional banks. 
You can find exact numbers and data sources here.

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CFTE and Pantheon Sorbonne University will be working together to transform La Sorbonne’s M2 Finance Technology Data programme into an online experience. This rapid evolution of teaching methods is meant to provide learning continuity and value to students.

The addition of Regulation Technology as a teaching topic falls in alignment with the design principles of the M2 Finance Technology Data programme, which aims to equip future graduates with a solid foundation in financial theory to critically assess and understand the global FinTech landscape.

RegTech is one of the fastest-growing growing sub-sector in financial services with an estimated US$25billion in spending by 2025. It provides, to financial institutions implementing it, a competitive advantage by being more customer-centric whilst upholding more efficiently reporting obligations.

The Academic Director of the programme and consultant at OECD, Olena Havrylchyk has said, “While technology is often seen as an efficiency tool, I’m convinced that it should be equally mobilized to make finance more stable and sustainable. This requires both a deep understanding of the financial instability as well as an informed view of how new technology could impact regulation. I’m happy to partner with the CFTE and its outstanding teaching team that will bring its international experience to the Sorbonne classroom.”

CFTE’s Co-Founder, Tram Anh Nguyen, said: “We are delighted to be working with La Sorbonne to launch this first of its kind programme to transform La Sorbonne’s ​Master 2 Programme “Finance Technology Data” into an online experience, whilst also ​providing students access to learn about the trending topic of Regtech. ​To CFTE, La Sorbonne is one of the most prestigious universities in France and I am extremely impressed by La Sorbonne’s willingness to innovate and try new pedagogical methods to maintain the best standards for their students.”

Janos Barberis, Academic Board of CFTE, who will be Teaching the RegTech Module of M2 Master at La Sorbonne also stated, “It is an honour to be in partnership with such a prestigious university, working on an initiative which leverages CFTE’s core business and long-standing knowledge in the space. The benefit of RegTech is that it is able to provide gains in efficiency for compliance, whilst having the potential to fundamentally transform the market structure. It is extremely exciting to be able to share this with La Sorbonne’s students.”

CFTE is also currently producing its Regulation Technology online course, which is scheduled to be released in May 2020.

About La Sorbonne:

The Paris 1 Panthéon-Sorbonne university associates the glorious past of the 13th century Robert de Sorbon college with an innovative pluridisciplinary project. Since 1970, it associates social sciences, law and economic sciences. Implanted on 25 sites in Paris and its surrounding area, 43 000 students are supported yearly. At the heart of an international relations network spanning the five continents, the university plays a major role in training researchers, professors, magistrates, lawyers, administrative and corporate executives. Today, Paris 1 Panthéon-Sorbonne University is the largest university in humanities and social sciences of France.

●  43 000 students and 22 000 graduates a year

●  Over 1 400 researchers and teacher-researchers

●  10 graduate schools and more than 370 doctoral theses in 2018

●  One moto: Hic et Ubique Terrarum (Here and everywhere on Earth)

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Question: If you’re a CEO of a large bank that is overly exposed to Hong Kong, what would you do?

Answer: Based on the data I have, Hong Kong is one of the world’s most profitable banking markets in the world, full-stop! On average, the banking system in Hong Kong generates profits of US$200,000 per bank employee. In Singapore, it’s about US$120,000. No bank in continental Europe comes close to this, and this is with interest rates being relatively low.

In Hong Kong, there have been eight new digital banking licenses given, with two going to incumbents. So, if you consider four of the big banks, two have gone for a standalone banking license as a defensive mechanism. For the big one that didn’t, they have a very strong market position and they will have the budget to spend on digital and technology if needed. However, peak profitability is probably behind them. But in a way it’s a better problem to have compared to some continental European banks that have 1-2% ROE!

Q: What do you think is the current state of talent, how is it changing and what needs to be done to keep pace with change?

A: I think the bigger issue isn’t about talent – it’s about incentives, governance and strategic direction. Some of the smartest talents we know are went into these banks; if they’re not smart right now, something happened to them in there!

It’s very easy to say talent is only here in my cool Fintech startup and not in banks. There is a lot of talent everywhere. However, there is the question of training and relevance. The bigger issue is how you manage these organisations. Getting new skills and taking courses is great, but for me it’s more important to consider how you think about managing these companies and governance.

Q: How do we deal with the challenge of changing approaches to banking when it comes to the workforce?

A: This reminds me of a lunch we did in Singapore. There was a lady asking Huy how to essentially future-proof her kids! In context to your question, there are many people moving from big companies to Fintechs, startups and challenger banks etc. If I had been asked this, I would’ve said it’s not about their technical, accounting or legal skills. It’s a different thing that suddenly they realise they’re not used to – standing on their own two feet. It’s about going from being an agent to a principal. 

All of us who work in big companies know about this – agents are just passing the buck! That is the biggest difference – the culture and psychology. I hope most of the people in these big companies have the skill set to be able to retrain themselves if they wanted to. It’s all about autonomy and responsibility, and not just thinking like an automaton.

Click here to read part 1.

To watch the full presentation on BrightTalk, click here.

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About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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