Open Banking is a game-changing innovation. With a global market so pivotal that it generated $7.29 billion in 2018 and is expected to reach $43.15 billion by 2026. The first month of 2020 saw Plaid’s 5.3Bn acquisition, followed 6 months later by Mastercard buying Finicity, showing the industry’s interest in acquiring the Fintech enablers of Open Banking. Large banking institutions like DBS, Société Générale and Wells Fargo have embraced this practice and set it at the core of their strategy. Australia took their first step towards Open banking, and finance professionals continue to hold innumerable Zoom events trying to understand what it truly means for the future of their industry, over lockdown.
Market changes and regulatory prominence in finance have resulted in hundreds of Fintech startups and traditional organisations shifting towards Open Banking in the last two years alone. The Open Banking market size is projected to grow at a 24.4% CAGR. Yet, despite such significant growth, the industry still faces challenges in implementing the right strategy for their organisation, due to a knowledge gap. Curated in collaboration with industry-wide experts, CFTE presents the industry’s first Open Banking and Platforms in Finance specialisation to overcome this issue.
The first course of the specialisation, An Industry Overview of Open Banking, is delivered by Paul Rohan, Head of Business Strategy Finance at Google Cloud Apigee.
Paul’s focus lies on examining the impact of the API economy and digital ecosystems on the banking industry’s growth, market structures and bank governance. At Google, he advises finance customers globally on developing holistic business strategies. Previously, he owned a consulting firm that helped Incumbent Payment Service Providers refine their distribution strategies in an Open banking ecosystem, and supported non-bank service providers entering the payments ecosystem.
“We live in a connected world and customers increasingly expect their favourite brands to work together to provide personalised and connected digital experiences. Open Banking is how banks will participate in these connected experiences. These customer expectations impact banking just like they impact all service providers, so it is vitally important that financial professionals are well educated on the key characteristics of Open Banking” said Paul Rohan
With 20 years of experience at hand, Paul brings rich expertise in Course 1 of the specialisation to help learners acquire an understanding of the basic principles of Open banking.
Details about An Industry Overview of Open Banking
The course aims to provide an introduction to the practice of Open banking and platforms in finance. Learners will take away an extensive understanding of how Open Banking is transforming the competitive and strategic landscape of the industry. The content delves into the impact of platforms on financial services and the management of regulatory risks for organisations. Learners gain an insight into the implementation methods developed by both traditional financial institutions and new players entering the Open banking space. With a focus on real-life case studies from the industry, learners will uncover business models that originate from the platform ecosystem and success metrics to track the performance.
Through collaboration with experts in the industry, this course serves as a one-stop-shop for an end-to-end foundation on open banking and platforms.
The experts that played a key role in the creation of this course are:
- Paolo Sironi, Global Research Leader, Banking and Finance at IBM. A member of the IBM Industry Academy and one of the most respected voices in the FinTech industry.
- Leon Muis, Chief Business Officer at Yolt. Made Yolt the first Third Party Provider to connect to Open Banking in the UK.
- Jitendra Tekchandni, Executive Director and Head of Open Banking at DBS Bank. Currently building an Open Banking ecosystem in Singapore.
- Imran Gulamhuseinwala, Implementation Trustee at OBIE. Leads the Open Banking Implementation in the UK since 2016.
- Claire Calmejane, Chief Innovation Officer at Societe Generale. Leads SocGen’s Open Banking strategy with the recent acquisitions of the API-provider Trezzor and the french fintech Shine.
Details about Open Banking & Platforms in Finance Specialisation
An Industry Overview of Open Banking is only the first course in the “Open Banking & Platforms in Finance” specialisation launched by CFTE.
The specialisation is the world’s first online programme in Open Banking, created in collaboration with industry leaders, and curated with feedback from hundreds of industry experts globally. Through this specialisation, learners can get the essential knowledge to understand and successfully apply the practice of Open banking to their jobs.
The course lectures are delivered in a video format, accompanied by bitesize expert interviews. Reading materials and assessment quizzes help learners explore a topic further and test their knowledge as they progress.
The five courses in the specialisation and their lecturers are:
- An Industry Overview of Open Banking, taught by Paul Rohan, Head of Business Strategy Finance, Google Cloud Apigee
- Business Model and Implementation of New Entrants, taught by Anna Maj, Fintech Leader, ex-PWC
- Business Model and Transformation of Incumbents, taught by Secil Watson, Head of Digital Solutions for Business, Wells Fargo
- Regulation, Standards and Operational Risks, taught by Carlos Figueredo, Founder and CEO, Open Vector
- Technology and Security taught by Stephan Murer, ex-Group CTO at UBS and CEO of Murer Consulting
Upon completion of each of the five courses, participants will achieve the complete specialisation and receive a certificate.
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