??? A Guide to Open Banking Ecosystems
Arjun Vir Singh
Curious about the Future of Finance & Tech | Partner @ Arthur D. Little | Podcast???Host | Angel??Investor | Author ?? | LinkedIn Top Voice ???| Confused ???? father to ???? | All views on LI are personal
Good morning crunchers,
Welcome to today's edition of our newsletter, where we'll be exploring the latest developments and trends in the world of fintech, with a particular focus on open banking ecosystems.
Join us as we delve into these topics and bring you the latest trends and developments in the world of fintech and beyond.
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?? A Guide to Open Banking Ecosystems
The Open Banking phenomenon has the potential to transform the relationship between financial systems and individuals globally. But customer-centricity is the key to creating a sustainable Open Banking ecosystem.
This means that we need to carefully plan and analyze the regulatory, entrepreneurial, and consumer environments, as well as the Fintech ecosystem in each country.
To provide insights into the progress of Open Banking across the world, a recent report by Open Banking Excellence – a leading open banking advisory firm – gathered over 150 data points per country, from both its own survey and partner sources, such as the World Bank and the IMF.
The report analyzed 50+ markets globally where Open Banking has been adopted and narrowed the scope down to 23 markets that are producing the beginnings of an ecosystem. The analysis focused on four macro-categories:
The findings is that use case diversity and delivering value propositions with market fit are critical components of Open Banking success.
This report is an essential guide for governments and regulators across the world who want to develop successful Open Banking ecosystems and keep pace with the evolving fintech landscape. It offers a detailed roadmap of best practices and pitfalls to avoid. For example, the report highlights the success of the UK and Australian Open Banking ecosystems in prioritizing consumer protection, competition, use case diversity, and collaboration between banks and fintech companies.
As Open Banking continues to evolve and gain momentum across the globe, what other critical factors do you think governments and regulators should consider to establish successful Open Banking ecosystems?
?? Report of the Week
State of Fintech 2023: While 2021 was a year of growth for fintech, 2022 saw a re-evaluation of many fintech companies by public investors, leading to a shift in valuation multiples. The F-Prime Fintech Index was down 72% in 2022, with six new additions and six delistings. This report by F-Prime predicts that tech-enabled versions of existing financial institutions will be distinguished from truly disruptive approaches to financial services. The report also highlights several interesting trends that F-Prime is tracking in 2023, such as the growth of neobanks, lenders, and wealth management firms, and the emergence of embedded fintech business models as the most disruptive. Download the full report here.
?? Book I'd like to Recommend
AI 2041: Ten Visions for Our Future by Chen Qiufan and Kai-Fu Lee
Check out more of my favorite reads here.
?? In Other News…
?? The Podcast for Fintech Enthusiasts
In this episode, we have a special guest, TRAM ANH NGUYEN , Co-Founder of CFTE - Centre for Finance, Technology and Entrepreneurship . Tram Anh has an impressive professional background in the finance industry, having worked with renowned institutions like Standard Chartered Bank, Dresdner Kleinwort Wasserstein, and UBS, before founding CFTE. Listen to the full episode for valuable insights into the world of fintech and the importance of upskilling in the rapidly changing industry.
??? And that brings us to the end of today’s Crunch
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Tech Director @ Amazon Payment Services | I help professionals lead with impact and fast-track their careers through the power of mentorship | #1 LinkedIn Arab World Creator in Management & Leadership
2 年Interesting read, thank you Arjun Vir Singh