Moving from Open Banking to Open Finance – what does the future look like? - Fintech Inn Lithuania

Moving from Open Banking to Open Finance – what does the future look like?

Taking Open Banking to its logical conclusion, Open Finance may be struggling to reach the mainstream at the moment, but experts and analysts see a bright future ahead, including superior financial services to companies and consumers, and even a substantial boost to economic growth in countries that will adopt Open Finance.

The Payment Services Directive (PSD 2), which came into force in 2019, gave rise to Open Banking in Europe. However, since acquiring raw banking data and building applications capable of using it effectively both require deep knowledge of the financial services industry, Open Banking in Europe is still used almost exclusively by large financial institutions. The future of Open Finance is one of the topics to be discussed at the virtual Fintech Inn conference, which will take place on 21-22 October.

According to one of the conference’s panelists Ronalds Mesters – the co-founder and CEO of Nordigen, making Open Finance accessible to more companies has much to do with enabling developers to experiment with new ideas:

“This ability to have fun and to play around is absolutely necessary for future innovation. When we think about the future of Open Banking, the already operational infrastructure is being rapidly adopted by large financial institutions, but not enough developers. The latter also need a playground where they can have fun – if it’s not fun, they’re not going to be able to build anything that’s good.”

Developing a financial ecosystem for Open Banking necessitates some risk-taking and looking beyond immediate benefits or mere compliance with the regulatory framework. An important factor in this regard is unlocking currently unavailable data that would make it possible to create new products for a broader consumer base, rather than selling them individually.

“The fun would only come once the big banks – and even the small banks – are thinking about new business models that can generate more attraction to Open Banking,” states Gibson Nascimento, Head of Solutions EMEA at Sensedia.

According to Evaldas Remeikis, Member of the Board at NEO Finance, one of the primary needs reported by consumers is a simpler payment process, which currently takes approximately 5 steps, with some variation depending on the country and bank. Slow-moving incumbents are partly to blame.

“Dutch banks provide a much better user experience, as compared to those in the Baltics. Generally speaking, some banks are unwilling to do more than they are required, which is stopping us from developing more advanced solutions for users,” Remeikis says.

Another panellist, George Parks Davie, Open Banking Product Director at Klarna, expressed similar views: “We share the same pain points when it comes to user experiences. Klarna is all about smooth customer experience, and I think, fundamentally, with the move to PSD 2 the banks made the wrong decision to just comply with the regulatory framework”.

There are currently no less than 6,000 banks that offer free access to banking data, which provides an excellent foundation for further development, but most of the value is ultimately going to come from nimble fintechs and regulatory bodies opening up more data for innovators to play with.

“What is absolutely clear is that all three [banks, regulators, and third-party aggregators] want to engage, but aren’t sure how to. I think there’s a huge amount of value to be had, but we need to invite more dancers to the game to make it valuable to the end consumer, which is what we’re all about,” states the panel’s moderator Shaul David, Growth & Head of Banking at Railsbank.

Join this and other discussions on the hottest fintech trends and challenges during the virtual Fintech Inn 2021 conference. Held on 21-22 October, Fintech Inn 2021 will bring together 250+ enterprises and start-ups, as well as 1000+ investors, policymakers, entrepreneurs and technology leaders from all over the world to exchange knowledge and discuss topics from green finance to startup media. You can get your free ticket to one of the largest industry events now on myOnvent platform.

 

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22 October | Main Stage | GMT +3 /
Time
Topic
Speakers
10.05-11.05
INVESTING IN CRYPTO / DIGITAL ASSET COMPANIES (VENTURE CAPITAL PERSPECTIVE)

Sumit Kishore (moderator), Head of Operations @ Consensys
Uldis Tēraudkalns, CEO @ Nexpay
Sang H Lee, Co-Founder and CEO @ VegaX and Konstellation

11.05-12.05
NEOBANKING’S NEXT TRICK: GETTING BIG, STAYING NIMBLE

Remco Veenenberg (moderator), Head of Partnerships @ Perfinal
Sarp Demiry, CEO @ European Merchant Bank
Mantvydas Štareika, CEO and Member of the Board @ SME Bank
Esther Groen, Advisor to the Board @ Holland FinTech
Andrius Bičeika, Deputy CEO and Member of the Management Board @ Revolut Bank

12.05-13.05
DIGITAL TRANSFORMATION: THE NEXT ERA OF FINTECH

Jarosław Sarwa (moderator), Community Partner @ FinTech Connector, Digital Leader @ QGroup
Jennifer Reynolds, President and CEO @ Toronto Finance International
Liudas Kanapienis, Co-Founder and CEO @ Ondato
Anton Zujev, Head of Business Development and Sales @ Forbis
Siri Børsum, Global VP Finance Vertical Eco-development & Partnerships @ Huawei Consumer Group

13.05-13.25
THE SUCCESS STORY BEHIND GROWTH OF LITHUANIA’S FINTECH ECOSYSTEM AND WHERE DO WE GO FROM HERE ?

Liutauras Žilinskas, Investment Advisor for Technology @ Invest Lithuania

13.25-14.35
DIGITAL IDENTITY & DECENTRALISED IDENTITY: CHALLENGES & OPPORTUNITIES

Liudas Kanapienis (moderator), Co-Founder & CEO @ Ondato
Audrius Ramoška, Co-Founder and CEO @ Soverio
Kalev Pihl, CEO @ SK ID Solutions
Jon Ølnes, Product Manager Trust Services @ Signicat
Barbara Hałasek, Head of Regulatory Affairs @ Coinfirm

14.35-16.05
WORKSHOP: STARTUPS, PR AND THE MEDIA IN 2021

Mike Butcher, TechCrunch’s Editor-at-large
Julija (JJ) Jegorova (moderator), Founder and CEO @ Black Unicorn PR

16.05-16.15
CLOSING

Louis Zezeran, moderator

9.00-9.05
OPENING

Louis Zezeran, moderator

9.05-10.05
IS ALTERNATIVE FINANCING BECOMING MAINSTREAM FINANCING?

Mindaugas Mikalajūnas (moderator), CEO @ SME Finance
Tomas Mačiulaitis, CEO @ FinBee Verslui
Diego Perez, CEO @ the Fintech Association of Brazil – ABFintechs and Co-Founder @ SMU Investments

Michel Breeuwer, General Manager Benelux @ Mambu

21 October | Main Stage | GMT +3 /
Time
Topic
Speakers
10.25-11.30
EMPOWERING GREEN FINANCE. BIG CHANCE FOR FINTECHS?

Alex Gibb (moderator), Partner @ Katalista Ventures and Advisor @ Sumup
Dominykas Stankevičius, Investment Associate @ Launchpad Capital
Tee Pruitt, Head of Partnerships @ Doconomy
Akvilė Bosaitė, Partner and Co-Head of Banking & Finance Practice Group @ COBALT Legal
Rosvaldas Krušna, Chief Specialist @ the Bank of Lithuania

11.30-12.35
DATA PRIVACY vs. AML/KYC

Martynas Bieliūnas (moderator), Managing Partner @ Privacy Partners Group
Domantas Čiuldė, Co-Founder and CEO @ Idenfy
Faisal Islam, Head of FC/AML @ Sentinels.ai
Marios M. Skandalis, Director Compliance @ Bank of Cyprus
Taavi Tamkivi, Founder and CEO @ Salv

12.35-13.10
120M AUDIENCE – THAT FINTECH ECOSYSTEM HAS OVERLOOKED

Vaiva Amulė (moderator), Head of Fintech Hub LT
Sandra Golbreich, Co-Founder and CEO @ Baltic Sandbox

13.10-14.10
DeFi AND THE FUTURE OF FINANCE

Ash Costello (moderator), Member of Expert Panel @ EU Blockchain Observatory & Forum
Vytautas Karalevičius, Co-Founder @ Bankera and SpectroCoin
Vytautas Kašėta, Co-Founder & CIO @ SUPER HOW?
Chia Hock Lai, Co-Chairman @ Blockchain Association Singapore
Patryk Walaszczyk, Blockchain Consultant @ IBM

14.00-15.00
POWERING THE POTENTIAL OF PAYMENTS

Daumantas Dvilinskas, CEO & Co-Founder @ TransferGo
Marcilio Oliveira, COO & Co-Founder @ Sensedia
Marius Galdikas, CEO @ ConnectPay
Airidas Puodžiūnas, General Manager @ Contis

14.55-15.45
CYBER SECURITY: BEST PRACTICES TO OPTIMIZE INCIDENT HANDLING

Tomas Martinkėnas, Director of Security and Privacy @ Vinted
Mario Galatovic, VP Products & Alliances @ Ultimaco
Jessica Ramos, Head of Regulatory & Oversight Affairs @ EBA CLEARING
Marius Pareščius, Vice President @ Paysera

Tomas Beinaravičius (moderator), Senior Consultant @ Transcendent Group Baltics

15.45-17.00
FINTECH & AI: BREAKING DOWN FINANCE VERTICALS AND IN SEARCH FOR NEW HORIZONTALS

Jung Seok Kang, Founder and CEO @ AIZEN
Mariane ter Veen, Director, Lead Data Sharing @ Innopay
Dr. Yogesh Malhotra, Founding Chairman & CEO @ Global Risk Management Network

18.10
CLOSING

Louis Zezeran, moderator

9.00-9.10
OPENING

Louis Zezeran, moderator

9.00-9.15
WELCOME ADDRESS
9.15-10.25
MOVING FROM OPEN BANKING TO OPEN FINANCE. WHAT DOES THE FUTURE LOOK LIKE?

Ronalds Mesters, Co-Founder & CEO @ Nordigen
Aleksėjus Loskutovas, CEO @ NEO Finance
Gibson Nascimento, Head of Solutions EMEA @ Sensedia
Shaul David, Growth & Head of Banking @ Railsbank