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Open Banking – What role for banks?

Views of Thomas Nielsen, Chief Digital Officer, Deutsche Bank

Disruption: PSD2 was not a choice for us. We are learning as we go. Security and regulations have been designed from the beginning. One day, someone will come and not play by the rules, eg what has been done by Uber.

Data: While data is said to be the new oil, there is a big question of who owns the data. Data for most of us is an exhaust product, ie it comes out of our products.

Identity: It is easy to do an in-country solution, but not across borders. Imagine a company with 500 accounts across different countries. The issue is about clarifying the identity of a corporation.

Systems: I don’t think our systems are more robust than many other industries. Twitter, Facebook, etc have much better reliability than any financial institution. Banks know how to do business in multiple regions in a trustworthy way.

Cost: I believe that the cost of payment will go to zero, for the customer.

Legacy: Having a legacy is not a bad thing. It means you have made it. Getting off is not a technology thing, but a culture thing. New technology will probably save cost for sure, but not sure it will definitely create value. Big organizations don’t have the luxury of doing incremental innovation.

Talent: Youngsters have a big choice about where they want to join. So companies like Deutsche Bank have to make ourselves attractive to them.

Survival: I think about half the banks will not survive.

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