Stanbic Ghana is this week holding an open banking dialogue that will bring together Financial Technology (FinTech) companies and industry experts. The Dialogue will discuss benefits of the open banking concept to the financial services industry.
The dialogue is in two parts: there is an Open Banking Forum scheduled for May 30, 2018, and a two-day Hackathon scheduled for June 1st – 2nd, 2018.
The panelists for the Forum are Henry Sampson, Head-Research and Operations DreamOval Limited; Ashwin Ravichandran-General Manager, MEST Ghana; and Patrick Quantson, Head-Digital Transformation, Stanbic Bank.
Speaking on the Dialogue’s eve, Patrick Quantson said: “As a customer-centric digital bank, improving the experience of our customer’s evolving needs is central to our business. This Forum and the Hackathon, we believe, will foster collaboration among financial technology (fintech) companies and financial institutions such as banks to create viable solutions for consumers.”
He added that: “Economically-viable ideas to be uncovered at the Hackathon will be supported into becoming products which are ready to serve the industry”.
Open banking is a collaborative model in which banking data is shared through Application Programming Interfaces (APIs) between two or more unaffiliated parties to deliver enhanced capabilities to the marketplace.
The model has been used around the world for decades to support personal financial management software, to present billing details at bank websites, and to connect developers to payment networks like Visa and Mastercard. To date, however, these connections have been used primarily to share information rather than transfer monetary balances.
Players in the emerging FinTech market in Ghana face a barrier to accessing information to provide a better customer experience and provide realistic solutions for customers, thereby limiting innovation and opportunities for the FinTechs.
The potential benefits of open banking are considerable. These include improved customer experience, the uncovering of new revenue streams and a sustainable service model for traditionally underserved markets. It also breeds healthy competition among financial institutions to offer better services that meet the evolving financial needs of customers.