Open Banking UK
9:10 AM Open Banking UK Give An Update From Europe One Year On – Lessons Learned and Recommendations
With the uncertainties which exist around the CDR and Open Banking in the Australian market, what can we learn from those who have already experienced this change? This session will allow an overview of the different stages of implementation in the UK as well as the considerations which should be made based on a hindsight perspective. A certain amount of adaptation with regards outlook towards the Open Banking initiative is necessary and here Open Banking UK will discuss why and what the opportunities available are.
- One year on: an update from the UK and Europe on how Open Banking has been integrated into the financial ecosystem and the subsequent effects felt by business.
- Use cases: tangible examples of real-time applications, implemented as a result of Open Banking legislation
- The journey:
- What are they key considerations to be made on the road to Open Banking application?
- Lessons learned along the way to take stock of moving forward
- Getting on the front foot:
- The challenges of preparing for Open Banking with political uncertainty as to whether it will be put on hold in Australia
- Changing the mindset from compliance to prioritization of development strategy
- Recognizing the benefits – opportunities for financial gain
- How can API frameworks benefit your ecosytems in the long term?
Keynote speaker :
8:00 AM Expectations and Lessons Learned : Open Banking UK Share Their Expertise and Guide Your Open Banking Journey
The Australian business world will experience a huge shift with the introduction of the Consumer Data Right, which will first impact the financial services industry. One of the main challenges in this space, as businesses await the legislative change and subsequent disruption to operation as they know them, is knowing how to prepare an organization when faced with so many unknowns. A solution to this is to learn from those who have already trialed and tested ideas and have experienced and progressed with Open Banking elsewhere. Though legislation may vary from place to place, an overarching understanding of the impact of Open Banking and the lessons learned in its implementation can provide some invaluable guidance when preparing on home soil.
As the CTO of Open Banking in the United Kingdom, Chris Michael has a wealth of experience in the Open Banking space. Chris led the development of the UK standards and created a collaborative model through which banks and legislative bodies could work together to gain clarity and progress the financial ecosystem, leveraging open banking to its full potential.
Through this workshop he will share his views and expertise on how to successfully navigate the trials and opportunities of Open Banking.
What the workshop will cover:
- Current position: Discuss and evaluate where your business stands in this space
- Broaden your understanding of how much regulations will steer development
- Understand what the need will be on a technology level
- Familiarize yourself with the intricacies of testing, tech stacks and security
- Learn to recognize the gap between regulation and opportunities to build on top of the regulation, in order to align with business objectives
How you will benefit:
- Receive ideas and inspiration at a business level for how to deal with the disruption of OB
- Gain skills in how to approach integration of new technologies
- Receive guidance on how to effectively connect and work with third parties