25 January 2018
- The upsurge in capability in the banking sector is giving rise to new services in the digital world. Upholding the customer's trust will be key to digital transformation.
Cecabank, a wholesale bank specialising in financial services, today held a new event as part of the CK-Lab (its financial innovation hub for banks and fintech companies). The title of the conference was: The future of Open Banking.
The event, attended by around 150 people, featured a series of debate tables. There, various experts addressed some of the major lines of change already taking place in the financial sector: regulation, payment services and investment services.
Collaboration between banks and fintech companies is essential
According to Agustín Márquez, Cecabank assistant general manager, “the collaboration between banks and fintech companies is essential for broadening the market for all the stakeholders and making it more competitive. CK-Lab was created by Cecabank in April to boost the change process and develop digital ecosystems to promote better financial services for customers. To achieve this, this hub has already developed its own API platform for the financial sector and has made collaboration agreements both with AEFI and with Foro Fintech.”
One of the major conclusions is that regulations such as MiFID II, GDPR (data protection) and the European payment regulation (PSD2) are empowering the customer. The purpose is to make them the true owner of their financial information. New players and the banking sector itself must respond to this challenge. Transparency and immediacy will be the key factors to turn digital transformation into a strategic area of financial business.
As a result of this, customers now have new needs to which banks will have to meet with new financial services. Innovation will be an ongoing means of disrupting services, which in turn must be secure, since customer trust will remain one of the key factors of banking strategy.
