Banking and the fintech sector join forces to face the new regulatory framework
- 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, the 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) named: The Future of Open Banking
The event, which was attended by around 150 people, included a series of expert discussion panels that tackled some of the major lines of change already taking place in the financial sector: regulation, payment services and investment services.
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, the hub has already developed its own API platform for the financial sector and has made collaboration agreements both with AEFI and with Foro Fintech.”
From right to left: Antonio Romero, corporate manager of Cecabank Association Services, Audit and Resources; Raúl Saugar, adviser to the Cabinet of the General Secretariat of the Treasury and Financial Policy (Directorate General of the Treasury); Jesús Pérez, chairman of AEFI; Marta Plana, chairwoman of Foro Fintech and José Valiño, Managing Director of IT, Processes and Operations at Abanca.
One of the major conclusions drawn from the event is that regulations such as MiFID II, GDPR (data protection) and the European payment directive (PSD2) entrust the customer, making them the true owner of their financial information. Thus new stakeholders as well as banking itself must rise 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.