Open Banking: a very interesting interview
Kaj Burchardi
Managing Director - Head of Emerging Technology Europe, Middle East, South America, Africa - at BCG Platinion Netherlands
Like many ideas to emerge in the digital era, open banking has its boosters and its skeptics. By enabling third parties to link to a financial institution, open platforms can spur the development of new applications built around banking data. But for many banks, the worry is that this will unleash opportunities for new competitors and even threaten customer relationships. Why should a customer go to a bank’s site, the argument goes, when a third-party aggregator can pull all of the customer’s accounts, from all of his financial providers, and display them in one central place?
Fueling the debate are emerging regulations—in particular, Europe’s Payment Services Directive 2 (PSD2), which requires banks to provide third-party access by 2018. Like it or not, the platforms in the EU will be open. One bank that does like it is Italy’s Banca Sella. It’s been a longtime advocate—and practitioner—of open platforms, and it sees the model as an opportunity to better serve existing customers and to attract new ones. In an interview with BCG, Banca Sella Group’s CEO, Pietro Sella, discusses the potential, the challenges, and the changes that open banking brings and how banks can make the model work to their advantage.
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