At INNOPAY we experience that Financial Services executives are embracing Open Finance. Open Finance is an emerging paradigm in the financial services industry in which value creation results from sharing, providing, and leveraging access to data, products, and services through application programming interfaces (APIs). It is designed to develop more compelling, 'embedded' value propositions and experiences for customers and partners as they interact and transact in digital ecosystems.
Learning from European developments (most notably the implementation of PSD2, i.e., the revised Payment Services Directive), various Open Finance frameworks have emerged in the rest of the world. Despite nuances in scope, timing and driving forces, they all seem to have an aligned objective: opening up financial institutions to leverage data and functionalities through APIs in order to drive value creation in digital ecosystems.
It is now time to act
Besides the compliance challenges of Open Finance, financial services providers and other actors need to cope with an ever-changing competitive landscape. Emerging players are disrupting traditional value propositions and business models while simultaneously also presenting new opportunities for collaboration.
Open Finance is the key building block for financial services providers to compete and collaborate in digital ecosystems. It is therefore now time to act. INNOPAY has a solid track record in supporting financial institutions (e.g., banks, insurers, wealth managers, pension funds etc.) and service providers operating in digital ecosystems with strategy development, new product & proposition design, and implementation.
Open Finance Expert Team
"Open Finance is the enabler of value creation opportunities for financial institutions. Integrating in and with external digital platforms with a solid Open Finance strategy and capability will bring increased customer relevance, cost reductions and new revenue streams."
“Open Finance is paving the way for a paradigm shift towards an open data economy. The result is strong growth in digital ecosystems and ‘super apps’ seeking to take advantage of access to data, products and services. Ultimately, this will enable new value opportunities."
Vincent de Rijke
"I regard Open Finance as a game changer that challenges financial institutions to rethink their business models. Financial institutions will need to be involved in Open Finance in order to unlock business value and secure their relevance."
"Open Finance will be one of the key enablers for innovation. As markets become increasingly dynamic, players who learn to navigate new digital ecosystems and handle large amounts of data, will rapidly excel by providing better services."
Marnix de Kroon
"Digitalisation is rapidly changing how businesses interact with their customers. Open Finance leaves financial institutions no choice but to participate in order to be where their clients are and ensure their own future relevance."
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