First of all, many thanks to the hundreds of participants attending APIDays Berlin last week. We had a blast at the beautiful Cafe Moskau, talking about all things Open Banking & PSD2. It was fantastic to connect/re-connect with old and new OBP community members. Thank you!
As the calm follows the storm, we're sharing four key insights gained at the conference while it's fresh in our heads. This is what we learned:
1. Open Banking goes worldwide: with so many banks on and off the stage, Open Banking is clearly here to stay and addresses a global group of stakeholders, unrestricted to Europeans. Our attendees came from thirty different countries, all sharing a commitment to mobilize Open Banking at their parent organisations as well as a belief in a future where APIs are the most important channel for reaching customers. Significantly, several speakers referred to ongoing efforts similar to PSD2 regulation in North America, Asia, Africa and Australia. Watch this space!
2. Micro-segments are a key strategic driver: this year's keynote speaker Paul Rohan emphasized how Open Banking enables financial institutions to scale faster and to capture a 'long tail' of markets, which he called 'micro-segments'. Paul argued that this unique feature of Open Banking programs is the reason for the importance of Open Banking in today's financial service industry, and so should be at the centre of any bank's strategic discussion.
3. Importance of ecosystems: another recurrent idea shared on stage was that the most crucial challenges facing Open Banking are building a developer ecosystem able to consume bank APIs and co-creating and innovating in meaningful ways on top of bank services:
Mambu CTO Ben Goldin showcased the potential future of banking based on ecosystems and marketplaces,
Alison Gibbins, head of Tech Community at the Royal Bank of Canada, shared some key insights in community building (and why diversity matters) and
Maroiane Naami, Head of Innovation & FinTech at Consors Bank/BNP Paribas, emphasized that the cultivation of fintech relationships is key to bank survival.
4. Open beyond Banking: Koen Adolfs of ABN Amro and Amit Mallick of Accenture both demonstrated how Open Banking offers an opportunity to integrate financial institutions with the daily life of customers. Open Banking impacts an enormous variety of industries outside financial services, including retail, health and travel. In a lively demo, Amit showcased how in the future banks can enable their customers to buy and finance the car of their dreams through voice-assistant interfaces such as Amazon Echo.
Of course, this newsletter presents only a quick wrap-up of the event; there was a wealth of information disseminated in speakers' presentations, gained from interactions between attendees and derived from discussions with our sponsors (many thanks to Axway and Mulesoft for sponsoring this edition).
What are your key takeaways? We would love to hear your thoughts. Please share via email or on Twitter #PSD2FinishLine
If you missed the event, you can find the speakers presentations here
See you at next year's edition (or hopefully before!) Open Bank Project team