The Open Banking Forum unveils the future of a $22.5 billion global financial sector

0

Delegates to the 2nd Open Banking Forum.

The face of the $20.51 trillion global banking and payments industry is rapidly changing due to the Open Banking revolution taking place across the globe to become a $43.15 billion business dollars worldwide by 2026.

From simple payment transactions, the industry is moving towards invisible payment that is easy, fast and invisible, as the industry rediscovers itself from a money-driven operation to a data-driven operation.

“The aftermath of the pandemic has fueled the transformation of the industry into a new era as payments become integrated, immersive and out of sight,” said Capgemini’s recently released World Payments Report 2021. “In-App Payment embeds payments into products/offers to enable a convenient and personalized customer experience.”

Banking and financial services will soon be a faceless, touchless and seamless experience for customers where transactions and processes will be fully automated, an almost effortless and painless experience, delegates at the 2nd Open Banking Forum have learned.

Organized by Cogent Solutions Event Management (CS Events), the 2nd Open Banking Forum, held at the Dusit Thani Hotel, Dubai, examined the overall digital disruption in the banking sector in the Mena region as experts brushed a chart of how the future of banking experience is going to be like.

Open Banking is a technology practice that provides third-party financial service providers with open access to bank, transaction and other consumer financial data from banks and non-bank financial institutions through the use of computer programming interfaces. (API), according to Investopedia. . It is also known as “open banking data”.

The 2nd Open Banking Forum addresses changes in the global financial services market which is expected to grow by 9.9% from $20.49 trillion in 2020 to $22.51 trillion in 2021 and $28.52 trillion in 2025 , according to Research and Markets, a global research consultancy. .

The API essentially allows third-party developers to build applications and services around financial institutions. It facilitates greater financial transparency and helps financial institutions to innovate and create new services tailored to their customers. With changing regulatory mandates, open banking is experiencing significant growth around the world.

Global non-cash transaction volume is expected to grow to pre-pandemic levels around the world this year, triggered by the spending boom and rapid adoption of digital payments, crossing the 1 trillion volume milestone. by 2022. Global non-cash transactions are poised to grow at a compound annual growth rate of 18.6% between 2020 and 2025 and reach 1.8 trillion by 2025, according to the World Payments Report 2021 .

According to data presented by Finaria.it, the global digital payments industry is expected to reach a value of $6.6 trillion in 2021, an increase of 40% in two years. Most of these payments are made through digital banking channels, enabled by innovative financial technology solutions such as APIs – which will be highlighted at the Open Banking Forum.

“The future of banking is going to be completely different than it is now and it’s going to be seamless, almost effortless, contactless and a very enjoyable experience, compared to the current banking system where customers line up for services, resulting in a waste of valuable time,” says Nizam Deen, Founder and Managing Director of CS Events.

“The COVID-19 pandemic has accelerated the pace of digitization in the banking sector – which now needs to create interfaces so that customers can access banking services without physically visiting bank branches or meeting banking professionals.

“The future of banking will be fully digital and data-driven where, instead of being human-to-human, transactions will be processed through a machine-to-machine system. Banking will be more transparent and save time valuable to customers.

The 2nd Open Banking Forum features some of the industry’s best-known experts, including Ellis Wang – CTO of Mashreq Bank; Viji Varghese – Head of Global Payments and Clearing at Mashreq Bank; Justin Hadgkiss – Head of Cards and Payments at Zand; Mohamed Roushdy – Member – Arab Monetary Fund and Fintech Bazaar; Salim Awan – Managing Director, Magnati; Mamoun T Alhomssey – Chief Information Officer, Abu Dhabi Islamic Bank; Christian Kunz – Head of Strategy and Innovation. DIFC Authority; David Jegerson – EVP Head of Customer Experience and Platform Development, National Bank of Fujairah; Kunal Roy – Product and Value Proposition Manager, Corporate Banking, RAKBANK; Brian Yeoh – Head of Data Governance and Strategy, ADGM and Hariprasad Chede – CISO, National Bank of Fujairah among others.

They focus on key industry trends and issues, including Open Banking: Understanding the API Ecosystem by Mariam Saleem Khan, Head of Open Banking and Digital Change, JS Bank, while Ellis Wang – Chief Technology Officer, Mashreq Bank spoke on the Journey to Open Banking: What Banks Need to Do to Enhance Value to Customers, in addition to a presentation on The Ongoing Disruption of Banking: The Shift to Data in Motion.

Share.

Comments are closed.