A new Open Banking Expo is set to be launched which aims to bring together a cross-section of the UK’s brightest minds to put the second payment services directive (PSD2) under the spotlight and encourage financial services – and other industry sectors – to embrace the new legislation in order to drive product innovation and enhance customer experience.
C-level experts from Citi Bank, Tandem Bank, Starling Bank, HKB Bank, McKinsey & Co, Open Banking Implementation Entity and the Competition & Markets Authority join an extensive speaking panel that will examine the progress of Open Banking since its enforced roll-out earlier this year and use its collective experiences to drive the industry to the next level.
The Open Banking initiative was introduced by the UK government to encourage the development of new financial products and services in order to provide more choice for customers. This was as a result of an investigation into the supply of the UK retail banking market which concluded there was a significant need to improve competition and efficiency whilst stimulating innovation in the market. Open Banking intends to make it possible for third parties to access customer data held by banks by compelling the UK’s largest banks to make such data shareable in a secure, standardised form to registered third parties.
Response to the initiative has been mixed and Open Banking Expo is the first event to take the discussion further than the boundaries of API development; examining how to harness the opportunities it presents, relieve financial distress and enhance customer experience. It will also touch upon how Open Banking can be adopted by other industries; giving delegates from the retail, transport, utilities and telecoms sectors an introduction to the initiative and how it may be used to their benefit.
Moving into unchartered waters beyond the usual conference format, Open Banking Expo will offer delegates a behind closed doors opportunity to exchange ideas, fears, knowledge, insight and expertise. It offers a fluid programme of keynote, curated discussions, round tables and workshops that will enable delegates to focus solely on the challenges they face in harnessing the opportunity Open Banking presents in exchange for their time out of the office.
Event Director, Kelly Stanley, comments: “Open Banking has the potential to disrupt not only the banking landscape, but any industry that takes customer payments. However, a lot of work needs to be done to encourage customer adoption in order to make it a success; and if it is, it will only enhance customer experience and has the ability to reduce financial distress. Open Banking Expo is the only event of its kind to offer a unique forum for incumbent banks, new challengers, regulators and third party providers to drive innovation and focus on customer outcomes.”
The event will take place at America Square Conference Centre on Thursday 27th November 2018 and the agenda is now live at www.openbankingexpo.com/agenda.