How Open Banking will affect financial services
Ahead of the upcoming Efma and Finastra’s “Bank as a Platform: Essential tools for Open Banking and PSD2” report, we interviewed, Aalishaan Zaidi, global head of Digital Banking at Standard Chartered Bank. He explained the challenges Standard Chartered Bank needs to meet in order to remain competitive in the new regulatory landscape.
“Open banking is really affecting the financial services industry in a major way,” Zaidi said. “In Europe you’re seeing PSD2 happening, but in Asia there is really huge interest and participation. Presently the regulatory body in Hong Kong has already shown its interest to participate in open banking – it’s going to be coming up with a policy framework by the end of the year. On the other hand, in Singapore the regulatory authority has taken the lead and already has a playbook of APIs.”
Zaidi was extremely positive about the impact of open banking and PSD2 to his business. “There is a massive opportunity to deepen relationships and provide more value to customers,” he said. “Standard Chartered has about 4.5 million customers who are actively digital. For us, open banking will help us to grow this space so we can get more affluent and emerging affluent clients and also give them great value.”
“Overall, we see three big benefits,” he continued. “One we see is the ability to provide great innovative products and services. Second, we expect these products and services to be more bespoke and personalised. And lastly, we expect to deliver real speed to market.”
Watch the full interview:
Pre-order your copy of Efma and Finastra’s “Bank as a Platform: Essential tools for Open Banking and PSD2” report