[For Immediate Release] London, 21th of August 2020… According to Business Insider, £6.5 billion of incumbent banks’ revenue in the UK is under threat of being scooped up by fintechs and challenger banks. With intense competition from new tech players and other incumbent banks, it has never been more essential for a bank to adopt open banking as part of its strategy. Large banking institutions like DBS, Société Générale and Wells Fargo have embraced this practice and set it at the core of their strategy.
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:
- 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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