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  • @fintechna 3:35 pm on August 28, 2018 Permalink | Reply
    Tags: , , , defining, doomed, , , , Start,   

    Open Banking: defining moment or doomed from the start? 

    The impending arrival of in Australia may not be news to many in the financial industry. But judging by research we conducted recently, it certainly is to everyday consumers. Of the approximately 2,000 consumers we surveyed, a mere 17 percent were aware the government is implementing new Open Banking laws that will allow them to grant more third parties access to their financial information.

    The poll also showed consumers are concerned about the management of their money and financial data, and that although the whole idea of Open Banking is to have more of that data flowing to companies outside the financial sector so they can use it as a building block for innovative consumer-led products and services, people aren’t necessarily inclined to let that happen in practice. Just 17 percent said they would be willing to share banking data with non-bank third parties—even if they would benefit as a result.

    A question of trust

    All this may seem like a pretty grim indictment of an initiative that’s less than a year away and supposedly destined to reshape the financial landscape. The data certainly indicates there’s some work to be done in terms of educating consumers about what Open Banking entails and its implications. It may even cause some bankers to throw up their hands and wonder whether the whole thing is worth the effort, or dismiss Open Banking as just another regulatory box to tick. But that would be a mistake. And here’s why.

    Australians may be deeply protective of their financial data—but they also seem to trust their with it more than anyone else. Over 80 percent of those surveyed said they would only trust their bank with their financial data, and just 20 percent said they would be open to giving that data to a -up, a large company or a retailer—again, even if there were an incentive to do so.

    Be that as it may, many of these companies will be watching Open Banking closely and looking to develop exciting new products and tools that take full advantage of the new regime. Those products and tools may run up against consumer resistance initially, but if there’s one thing consumers value as much as security, it’s convenience. This is particularly true of an emerging category of banking customer we call the ‘Nomads’: digitally savvy, demanding and accustomed to getting services on demand. These are the needs third parties will be looking to meet—and that banks themselves will increasingly have to deliver on in the future.

    The relative trust that banks enjoy—and the fact that consumers may be slow to share their data with other organisations—gives banks a solid head start in the race to innovate on the back of the data Open Banking makes available. It’s up to banks to maintain and build on that lead by quickly developing targeted, on-demand services that address real customer pain points. Failing to act on the possibilities of Open Banking will eventually result in those customers—and their data—migrating elsewhere.

    Of course, not all Open Banking-based experiments will succeed. But with other organisations trying, and change all but inevitable, a certain degree of boldness is required. Banks shouldn’t be afraid to try, test and fail. These are exciting times for the industry—even if most Australian consumers don’t know it yet.

     

    Accenture at Sibos

    We’ll be discussing Open Banking and other topics at Sibos. Come see us at our booth and join us in the conversation around enabling the digital economy. Keep up to date on all the latest from us around Sibos right here on the blog.

     

    The post Open Banking: defining moment or doomed from the start? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 4:01 pm on May 25, 2017 Permalink | Reply
    Tags: , , , , InsuranceSpecific, , Start   

    Hyperledger May Start Building Insurance-Specific Products 

    Insurance has definitely been in the spotlight, with startups like Lemonade and Ladder striving to make a traditionally painful experience as seamless as possible. But the insurance industry is nearing a turning point as tech is making sure strides into the sector, according to Brian Behlendorf, executive director at Project. “Healthcare can [&;]
    Bank Innovation

     
  • @fintechna 8:55 am on October 22, 2016 Permalink | Reply
    Tags: dentists, , , , , , , Start   

    Health Insurance InsurTech innovation may start with dentists and a P2P network of providers 

    Image source Aforacare does not present like a tech startup. There is no Crunchbase profile with lists of rounds by VCs. Nor do we read about any of the hot technologies that are like catnip for investors. Yet, if you look at Aforacare with fresh eyes, you may see theRead More
    Bank Innovation

     
  • @fintechna 11:35 am on September 17, 2016 Permalink | Reply
    Tags: , , , Start,   

    How to start with blockchain – helpful resources you should know 

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    More and more regularly I am asked about good ways to looking at in more detail. Inspired by Arno’s reading list I decided to share my own version.

    While there is obviously a gargantuan amount of information available, not everything is equally suited to do the job. Especially if you are new to the topic or don’t sport a technical background. Additionally blockchain meanwhile features a certain span and so does the interest and perspective of people looking at it.

    The following should help to point in a good direction and give you the necessary foundation to understand better what you don’t know. So you can ask the right questions afterwards.

    The Basics:

    Here is a list of the fundamental resources to warm-up.

     

    The Industry and Line of Business Perspective:

    Now if you are more interested in use cases and scenarios where blockchain could be applied this information will help. There are far more reports and analysis out than anybody can read in a reasonable time frame though.

    • The best report to cover Financial Services – if you are not from the industry – is by far and large the UBS whitepaper “Building the trust engine”. It is even an entertaining read by report standards.
    • The World Economic Forum published the most comprehensive research so far. While it is with a Financial Services focus I highly recommend at least skimming through it until something catches your eye. This is at least a year worth of work by six people and the report shows it.
    • Goldman Sachs spreads the topic across industries and gives detailed insights that also covers case studies from utilities, real estate and reputation management.

     

    The Perspective:

    Here is the section for the techies amongst you that would like to understand the mechanics and information technology at work.

     

    Self-Assessment:

    Here is a basic list of topics for you to assess your level of understanding after you covered some or all of the above.

    • Where does blockchain originate from and what is the relationship to Bitcoin?
    • How did blockchain evolve over the last years?
    • What are the differences between public, private and consortium blockchain?
    • What are criteria for scenarios where each of the above would be the ‘best’ technical solution?
    • Why blockchain was picked-up by Financial Services first and is most prominent in that industry?
    • What are smart contracts and how could they be used?
    • What happened during THE DAO incident and what implications did it have to the concept of smart contracts? Here is a hint.

    Do you have any more resources that you think are helpful to get started with blockchain? Post them in the comments along with a brief statement why you believe they help.


    is Innovation Manager | Digital Change Agent | Futurist at SAP

     
  • @fintechna 6:40 pm on August 28, 2016 Permalink | Reply
    Tags: Able, , , Schmoe, , , Start   

    Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank 

    Safety issues with some new, disruptive business models highlight why regulations exist. Surely the same goes for firms that hold our money.
    CoinDesk

     
  • @fintechna 9:40 pm on July 28, 2016 Permalink | Reply
    Tags: , Coinbase’s, , , , , , Start   

    Coinbase’s First Employee is Leaving to Start His Own Hedge Fund 

    Coinbase’s has departed to a -focused .
    CoinDesk

     
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