Sign New Mexico Banking Job Description Template Mobile

Industry sign banking new mexico job description template mobile

so welcome everyone to the old banks new emissions panel today I'm joined by Julia hulls grave Paul Fremantle carmella gomez and Martin slaughter if I could have everyone please introduce themselves and tell us where you come from and how you relate to open banking Carmela hello to everyone it's a pleasure to be here with all of you I've been working in banking for the last 25 years and I did everything in banking from trading to set up an online bank I dealt with the venture capital side of the bank and they originally ended in in open banking after working with several global projects across the bank related to electronic channels and different payment systems so I think this is an amazing challenge to go forward Thank You Carmela Julia I am Julia a worker keen innovation which is a subsidiary of Bowser come to my bank in Switzerland we have two banks in the groups of unclear and Bowser come to another bank and we're basically their innovation lab so we we work on all kinds of partnership or we develop our own solutions and why I'm here at the moment is basically because I'm focused on banking of service building up that new business line in the bank and kind of working on different use cases or invisible thinking banking as a service and something Thank You Julia oh hi I'm the chief technology officer and co-founder of a company called W so2 and I and the company come to open banking actually from the API side of the world rather than from the banking side of the world so I we started doing api's pretty much 13 years ago when we helped eBay implement the Gateway for all their API traffic and very quickly ruptor billions of transactions a day and since then we've do what we've created hundreds of customers help them build out their API management strategies and what we've seen of course is that a number of banks have really wanted that technology not only in open banking but actually non-compliant api's are very very important as well in the industry and actually finance as a whole is our biggest sector so thank you yeah welcome Paul great stuff Martin hello Archer coming for Carmen commercial banker which is the member of society general group I hope familiar to actually commercial bank is full-service Bank operating into Republic covering all client segments you know and what I proud of this is sitter on one side the traditional band but on the other side not the old-fashioned one because they realized several years ago meaning the management of the bank to extract away meeting the challenge of peace d2n api's and so I joined commercial banker because before the time I was all the time acting as on my underside as the advisor and consultant and we have built together open making from scratch and actually we are perceived as leaders on a chip market and not only on that so this is our situation and I can confirm that open banking is worth of investment and we have already numbers which are showing improving this case so hello welcome Martin my name is Carlos Figueredo I am the CEO of open vector but most importantly I was the head of data standards for the open banking implementation entities so pretty much one of the I guess cofounders of the open banking initiative in the UK as part of open vector we are a consultancy firm and advisory firm that primarily helps government's financial institutions and fintechs to be able to onboard and evangelize on the subject to open banking we've been very much involved not only with the UK open banking initiative but also across the Americas primarily in Mexico where we helped the Mexican government with the FinTech law and the first data standards for open banking in the Americas so I'll be your chair for today and here goes the first question for the first question today it goes to Carmela God will have various banks have led on the subject of open banking but what have they done to break from the image of a traditional bank the bank bank - a bank that has that is open to collaborative innovation it's a good question I mean open banking seeks to provide customers with a more efficient and personalised services and it also offers the opportunity to innovate streamlining processes creating new business modulus and opening new markets to develop an open banking strategy means focusing on the end customer experience and what has paint in the user behaviors in the past users wishes in the bank well now they expect to be the one to be the bank the one that approach the customers offering everything they need whenever they need it whatever they need it and this implies some changes be used to which new customers you need to offer financial solutions on other platforms and not always related to bank environments so with open banking's both individual and companies will have better options to decide where to find all they need a good example of this is how BBVA has addressed under customer up where we solve a real need creating an excellent customer experience by offering data from customer accounts or cards coming from different identities in a single application so the customer can access one single entry point to deal with all their information and they obviously this has transformed not only their way with customers feedback but also the bank internal structure and BDA for example we see open banking as a strategic opportunity to provide the digital experience to people but also help both companies and our own organization with the digital transformation process that is needed cities in fact I mean our mantra is to get closer to the innovation ecosystem and explore new business models and open banking offers as a path for growth either by improving our distribution network but it also allows to reach new clients and and businesses in their own ecosystem it also provides has the possibility to add third-party services to our platform which makes our services more appealing or maybe increase our processes admissions deficiency No so what we do to activities we use strategic partnerships as we have successfully done for example with you burying in Mexico we have turned dvd-a into the first one to offer its product on a third-party platform in Mexico here I mean the solution is mainly BBVA API its provide fibers access to real-time time payment functions and debit card operations from from the uber app directly this collaboration with other companies and sectors allows weaving networks with partners to create new experiences and also to participate in ecosystems that can add a high value to both the bank and its customers now so I think this is the main change around the partnerships and how we transform the way to offer those services to to our customers thank you very much coming up Julia would you like to comment yes and no there was not I think I agree I think this the mindset shift and this kind of ecosystem approach of kind of doing more together instead of just focusing on your own products I think that's that's the main change that's that's currently happening I mean I live in Switzerland where we don't have PSD to and it's all not that regulated yet but they're still kind of the need to think more in terms of ecosystems and yeah develop new models of working together and I think that's really interesting to watch right now thank you for that Oh yeah there's definitely some really interesting shifts going on and one of the things I've really noticed is that a lot of developing countries have really started to not not sort of not be required not be after worried about compliance but they're actually becoming very proactive about creating open banking standards and doing that and that's because they've been a hotbed of innovation I mean we a few years ago built a mobile wallet for a large telco provider in in Kenya and now we see Kenyan banks really keen to implement open banking and build new apps and and as as Camilla says really participate in an ecosystem and I think that that's a key word here very very true Martin would you like to comment on that question actually I I saw that case huber and BBVA recently and I have to say this is typical example how things could work and not only combining FinTech banking together but to do as well as some responsible steps because this is how we can cover unbanked population so you can do as well as not only reasonable things but as well good things together and in some innovative way and this is what gives me sense okay so Thank You Martin for that for the next question and Julia based on your background and that of your firm which are the heart of FinTech innovation how are you finding it to work with banks in today's fast-moving world like open banking I think yeah so there are several layers I mean firstly we're not in Europe or in the PSD to world so it's Switzerland is a bit kind of more hesitant at the moment to - yeah work on it on a regulatory side so it's more driven by the by the banks and other players themselves so about three different initiatives at the moment that really try to push standards and to rally groups around them to to drive the topic but at the moment it's still mostly driven by more one-to-one partnerships so API is between a bank and a digital platform or encana FinTech and those those cases are becoming more more common and then that's that's kind of yeah that's the risk that at the moment that lots of things happen without the standards and then yeah it will be maybe maybe I will be some change requiring that when that changes in the future yeah but I think the mindset of the banks is really interesting at the moment to realize that for instance we're thinking as a service that they can develop a whole new business model where possibly they're not even visible where they're in the background of empowering something which is so against what what has always been the driving force to link the customer interface always was the most important thing for banks and [Music] realizing that that customer interface might be actually better served by someone else that has a different relationship to the client that maybe has a better UX or has a may already existing relationship through through another industry from e-commerce or other other industries that's that's something that's slowly kind of changing and it's really interesting to watch at the moment Thank You Julia fat Kyler do you have an opinion in fact I think you thought a very important point which is the standard issue creating those standards will definitely mean a change in the way that companies partners Bank every single player across the ecosystem in open banking will work and that I think one of the key points that will make the market explode and we will definitely change the way we do things now we have plenty of examples across history but I listen to take out us regardless if you take printers if you take video whatever the standard has always helped the industry to grow really fast once the standard has been set up and I think that in open banking that's critical in fact there is a European banking association consultation going on now or starting that will probably take us towards new standard and the sooner the better we we've had that after the the sooner we'll see the the market growing coming from from the background of standards I cannot agree more and really hope that we continue in that in that past but also not only of just of creating standards but ensuring that we are all using the same standard so I think that that's an important point all so certainly I've seen some very different behaviors from banks over the past couple of years driven by open banking and I think it's really interesting I've seen firstly some very large banks that were traditionally that's a little slow to act really kind of start to ramp up their innovation and their agility and some of them have been doing by setting up kind of subsidiaries that are much freer to move some of them are trying to reorganize their their internal structures and some of them are doing in different geographies for example by being very agile in non-traditional markets and also I've seen some you know small banks just really ramp up their speed of operation just to meet the compliance deadline I mean we worked with a small UK bank called synergy and they were late to the table they were not they were not going to be ready for the compliance deadline about six months before the deadline they came to us and we did the whole thing in three months and in production and they actually beat the deadline so that's not normal behavior for a bank so that was fun to do there was an interesting project thank you for that Martin you have any comment on that actually I can just add that standards are really crucial actually for example we have movement on a trip market which is sector led by le to Banking Association in Croatian Czech National Bank identity scheme and creation of the common standard which will allow all banks or all service providers so meaning all market players to connect together easily in a standard way is making things streamlined and much more effective and again it is worth of money to do that and to prepare it in advance because if your ease and make fasten all all the things to everybody so I can just underline it alright I think that's that's really interesting that's what I've kind of seen when I've been to conferences in Europe recently it's like lots of banks that have now had immense costs of implementing the standards and the regulation and I kind of now looking for the business cases and saying like what do we actually now do with it and I think that's that's a really interesting time because everyone is watching each other and seeing what others doing how can I know kind of make use of this and so it's it's kind of fee at the moment in switzer now I would say it's the other way around I'm not saying that's better but it's interesting to kind of compare to two situations that yeah definitely a definitely conversation about commercializing open banking as a whole is a challenge right so not only the banks seeing this as a hopefully not seeing this is a regulatory checkbox which is not open banking is definitely a movement as we move into open finance and open data but also that the banks realize that this is a huge commercial opportunity it's just a question of finding it so Paul over to you now for the next question as we look at the changes that banks are going through at the moment to participate in the various initiatives like open banking in your opinion will they eventually go back to traditional bad behaviors so it's a really good question Carlson and I think the I think what you call by behaviour is really a factor of having a unfair position in the market so you know and I think open banking really changes that landscape considerably you know it makes it much much harder for any large player just to use their weight to push others around and so I don't really see that shift and I see sort of a systemic consistent shift in the thinking of the of the traditional banks that I've talked to about how they want to you know to change their ways to become much more customer focused and also as Camilla was saying to look for new opportunities that may not be direct to customer that are about creating ecosystems and participating in ecosystems and so I you know maybe maybe we'll get new new beliefs take the market and I am afraid to say I think in some areas where open banking's not been mandated and is maybe sort of happening through through how can put it through through commercial rather than compliance models there may be some companies that sort of try and take the open banking model and own it in a way that hasn't really happened in Europe and I think they could become the new the new big monopolies of the future but at the moment I see a very strong future especially in Europe but in a lots of lots of countries I've done a lot of work in Africa in the Middle East in the Far East and and I see some real innovation happening in those spaces so so I think I think the future is pretty bright well thank you and I think what you're saying is is spot-on and I think by bad behavior I was trying to be to say more of the fact of the lack of collaboration the lack of being able to break down some of tho e procurement walls etc and you're absolutely right I also have done quite a bit in and and travelled quite a bit in Africa and I've seen incredible participation and collaboration between banks and fintechs of all sizes and I think that sometimes we we look at ourselves as being in the large cities and thinking that this is where it all happens and we should follow this model and I really think that we should learn from other places not not only in large cities like London I could see great examples that I've seen in Nigeria and other countries of great collaboration between banks and fintechs that I haven't seen anywhere else so I think there's there's lots to learn - laughs so I just want to add at me not you know so for Martin was mentioning he's part of the Sox Gen Society general they have been working throughout Africa to do some really interesting initiatives with open banking and and to create mobile apps for effort traditionally unbanked people and and I think that's a great example of what what is a absolutely traditional bank being highly innovative and really positive to be honest to compete with mobile wallets that are springing up I mean the average Kenyan probably has three different mobile wallets and more money as traded through mobile wallets than traditional banking in Kenya today so you know it's a it's a interesting challenge and I think the world is never going to be quite the same again no that's a good point and I think I'll go ahead and since you mentioned Martin in this case Martin would you like to comment on that yeah thank you actually the Kenya is the if I may say the were a leader in in mobile banking or mobile wallets I think this is something something about what had happened but I wanted to mention that there are many examples of applicability of open banking and one side could be in some developing countries very unbanked population and the traditional banking it's not either geographically or technology-based split it in whole country so you can easily put things together and you can you can let you serve your services to all who needs it on the other side you can as well as segments or or clients or situations where the banking was not present yet and where it is more than reasonable and more than needed so open banking could be perceived as well as as the huge extension of your distribution network just imagine situation in connected cars for example everybody's commuting in big cities each day meaning twice a day wants to work and and second to your home and you are alone in your car and there are plenty of situations and you would like to at least be familiar with what happens on your account how looks your finances whether your investments are in a good shape or not and just combine all these things together not only with the device with the environment just just the example the connected car tour it could be as well smart fridge in in your kitchen just just open your imagination and combine all these things together let your fridge to order your meal and check check the extra tutorials about the goods in it so and all these cases could be combined with open banking so thank you very much for that Martin and I think it makes me very proud you know being at the very beginning again of what what's happened with open banking to see countries like Kenya being mentioned and and and just seeing so many other countries that we just don't think about as being real innovators I think that's that makes you know it should make all of us very proud of where open banking has gone to but I wanted to give got a minute a fair shot because when we said you know well banks fall back to bad behavior coming up what's your opinion on that well my answer to that question is really short it's no way to come back to bad behaviors I mean it's like it's like if you ask me the question that once credit cards are spread across the world is there any any opportunity to go back to the past which they are Sarah Beasley is no here I think it's once you open the door to open bank into partnerships to do things in a different way there's no way back it's good thank you I remember just a couple of years ago when I was when I first traveling to talk about open banking a lot of traditional banks literally cut a couple of meetings short and told me too that they were just gonna end the meeting right now because they would never participate in open banking and that open banking would eventually just go away so I just I'd like to remind them of that conversation and to say that open banking is very much alive and here we are ready to help all of us ready to help those banks to to advance in what they're doing I'm gonna go ahead and move on just a bit Martin this question goes to you with everything we know now and with open banking Wilbanks disappear as we know them today if they don't adapt to open banking so if they don't embrace open banking will they disappear as we know them meaning well we go back to the Bill Gates term of you know we need banking we don't need banks Thank You Carlos actually my personal opinion is not and this was really straight answer but let's go deeper just imagine there could be some four basic cases how banks can behave in actual world where open banking and api's fintechs pops up and changes maybe the market as it were as it was so the first case is just to be aligned with all that regulation requirement at least here in Europe where at least ESD 2 is required by banks from banks by regulators so they could be compiled they can provide their PhD to api's and that's it on the other hand just imagine that banks could behave but only as banks in a traditional way to provide APS but they can behave as teach peace so they can as welcomes you so they can connect other banks api's and then can combine all that API services and data together with their owns and they can make something up to for my customers third case is just imagine that you can not only provide your own regulated api's meaning PSD to api's but you can look forward for some extended cases you can you can treat open banking as the traditional product if I may say from the point of view you are thinking as well as about monetization about business cases about client satisfaction and do that things as well as not only that you have to do but for some reasonable things and you can get either NPS or you can get from some money and if you combine all that things together on the one hand one side you can access TPP and you can consume on second side you can provide something up to that in extension this is something what I'm calling disruptive and this is what we are trying to do in KB so on one side access TPP combine things from other banks from non banking providers from FinTech startups together in some reasonable space for a client and on second side we are trying to find out some some other new cases which are reasonable for our clients and my personal opinion is that this is something what is changing all times thanks Martin then Julia I'll give you the first shot at this being in Zurich where you have you're surrounded by so many traditional banks you know from years and years of traditional banking how do you think well they if if will they disappear if they don't adapt no I don't think that banks will disappear I think kind of the the banking license itself will still be something that has some sort of value and will still be regulated now I don't think that everyone will become a bank a regulated bank themselves or wants to because I don't think it's actually fun for everyone to be a regulator think so there were maybe many players and really one purpose opted to not do that and to work with the bank on to have the those regulated person that you know the the reserves and all of that but I mean I think what what will become less will be the the front end I think banks will lose some of the fun that especially in retail banking but there will still be many other parts that you can play to power the financial system in general Thank You Julia I think the one thing that we're probably forgetting is is to talk about the consumer right so when we talk about banks disappearing it's really about the consumers how the banks reach out to the consumers and make it make it so the bank the consumer will still want to interact with a bank and it's so it's so now where fintechs big text the famous you know big things like the apples and the ghouls and whatnot the gothis of this world whether they will take over that interaction with the consumer and the interaction from the from customer base to a bank will disappear and that's I think that's more about that issue of whether they adapt to be attractive to the consumer or whether they will disappear because they will lose that that back that that consumer facing capability yeah UX and customer engagement is not a strong point of many banks so I think that I think banks can learn a lot from from Big Tex and other startups and I think there's this that's more of a kind of realizing each other's strengths and and using them together to do something better for the customer and I think it's happening but it's it's a little bit to go in the mindset of the big things and there's some of the really big ones here in Switzerland I'm definitely not yet there Thank You Julia I mean I'm gonna go ahead and move on to you now with the next question for Europe as well as for Latin for Latin America why is it challenging for banks to break from traditional old Bank mentality to this new customer centric model since we were just mentioning customers mm-hmm well well I would say that I mean a BBA precisely because we operate globally we know that there are not two places where financial operations work exactly the same so we have a global vision but we have an in-depth understanding or have the local markets work in which we have been operating for years and we think our experience is unbeatable and emitter velocity in a batch in companies with commercial interests around the world beside that I think one of the main challenges is the investments both in technology which is one and the other one that we we tend to put in the second place but is the hardest to change which is the internal processes the internal contrast and control so that we can guarantee that third parties can access their case customers data provided by api's but with the needed security and privacy of the customers data and and all these combined brings into the development arena pieces and processes that were not there before and I think this is the talent this is the mindset change that we need to keep in mind in the same way the banks need to amplify all their services and say those little breaches that allow applications to connect and exchange information and this is a very different way to approach the traditional services that they have and give from their own channels to their own customers where security is controlled by your own system attack run last but not least we have the cloud which is a window into gaining speed and access to new digital ecosystems but in some cases you face with the regulation that you need to take into account which can be for example the case of sake so I mean we also need to be in mind that banking is a highly regulated industry and there any change needs to follow a strong compliance program which again is a talent to to innovate you know but it also sits at the core of the rails and reliability inherent to to banks now so I think that all these combine the cloud the application the internal processes the regulation all these wings challenges in today they open banking world I think you've gotta be enough and just I'm gonna go ahead and just jump back to Paul and and wrap up with this last question for for Paul open banking has the consumer at the center of the initiative do you think that banks understand the threat of big or small texts that are delivering consumer centric products based on banking and not on the use of actual banks so it's a really good question Carlos and I think that when you look at it they do see the threat obviously and and as I said before you know we worked with for example Society general in building a common platform for a single mobile app for multiple countries across Africa but I I don't believe that that that we've really fully understood the complete shift in the API world so for example we've worked with a lot of telcos in creating mobile wallets and and we've seen some of those tacos in Southeast Asia actually apply and get licenses to become banks because they are actually doing more banking than than the banks because in some countries the number of unbanked as much is very high and everyone has a mobile phone I think the real revolution here is that you know api's are the products of the 21st century and you know you would have thought that banking which is fundamentally a kind of virtual would have understood that virtual products are the future but actually I think and I think that there's still some learning to be had and one of the key lessons I think that people haven't yet got their head round is that you know there was a big innovation in in the 20th century around an integrated supply chain for products so that's what changed products in the 20th century and if api's are the products of the 21st century we need an integrated supply chain for api's so that means being able to manage your AP is and and the logistics the supply everything from right from the back end from your legacy systems through your partners through your ecosystems through Federation of api's and to create a highly integrated network and I I see only a few companies really grabbing that and I'm afraid I think the the banks haven't quite got there yet some of them are getting there but it's it's not happened yet thank you Paul very much for that unfortunately we've run out of time I think we've had even you know additional questions and I'm sure there were a lot more comments to make but we have run out of time so I wanted to I know we're going to be going into some Q&A it's later on but I wanted to thank my panel first of all all of you for just a great insight I think we could be talking for hours on the subject I really wanted to thank everyone for your participation and for your great insight on this panel you