The panel at MoneyConf 2018

A panel at MoneyConf 2018 in Dublin took on the definitely-not-over-discussed subject of Open Banking this week.

While Edward Robinson of Bloomberg made a brave attempt to reign in members of the panel, the session took off into a lively debate, with Starling Bank founder and CEO Anne Boden taking the lead.

“Not a lot has happened [since PSD2],” said Boden. “I don’t think that Open Banking alone will transform the industry.” Firms need to start looking at their own value chains, she added, and investigating the possibility of opening them up to consumers.

JP Rangaswami, CDO at Deutsche Bank, opined that open banking should mean two things: being open to competition, and being open to innovation. Yet things need to be done in a way which protects customer data, he added.

Implementation of open banking must be done “safely and securely”, even if there is a mandate from the industry, said Rangaswami. Simple customer service demands it.

Valentin Stalf, N26 founder and CEO, said that consumers are “the ultimate deciders” and that the more transparent the market, the better it is overall for the customer. Stalf was of the opinion that there can definitely be something as “too much regulation”. Compliance laws won’t solve customer problems, he added – only companies can do that.

When it comes down to it, concluded Boden, the industry is facing “an API revolution, not an Open Banking revolution”. Connectivity between value-added services and banks should always be the end goal, and will result in improved customer satisfaction.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: