Open banking is being embraced as an opportunity for innovation rather than just regulatory compliance. It was initiated in the UK in 2016 to increase competition in the banking industry and level the playing field for challenger banks. Open banking securely shares bank data through open APIs and has the potential to create exciting new financial products and services through collaboration between regulators, fintechs, and financial institutions. It can also help advance social and financial inclusion by improving access to affordable financial services. Open Vector, the co-author of the UK's open banking initiative, is working globally to spread knowledge of open banking and ensure a single ISO-based standard is used.

1. Embracing Open Banking as an Opportunity
to Innovate, not just an Exercise in
Compliance
Carlos Figueredo
CEO – Open Vector

2. What is Open Banking?
History:
• Initiated in the UK by the Competition and Market Authority in
2016
• The Open Banking Implementation Entity was formed to drive and
implement the regulation (standards, architecture)
• CMA9 (top 9 banks in the UK) were part of the initial group
Purpose:
• The purpose of Open Banking is to create more competition and
innovation in the financial industry under the regulation of the
CMA or similar entity in other countries.
• Disrupt the monopoly of the top large banks.
• Increase competition by leveling the playing field for challenger
and online banks by implementing common standards for its data
to be shared on open API’s.

3. What is Open Banking?
• Open banking is the biggest revolution in the financial
sector since the credit card.
• Open banking is a way to securely share data that will
create exciting new products and services.
• Open banking will create collaboration between the
regulator, fintechs and financial institutions as never been
seen before.

4. The Open Banking Opportunity
• Social
• Regulatory
• Commercial

5. The Open Banking Opportunity
• Collaboration
• Innovation
• Change in Traditional Structures

6. Open Banking and Social/Financial
Inclusion
• What is social inclusion and why is it so
important?
• Social inclusion – the process of improving
the terms on which individuals and groups
take part in society, improving the dignity
of those disadvantaged
• Financial inclusion – where individuals and
businesses have access to useful and
affordable financial products and services

7. • Who is Open Vector and what are we
doing globally on this subject?
• Co-authors of the Open Banking
initiative in the UK – first globally
• Spreading the knowledge of Open
Banking
• Ensuring that a single ISO based
standard is used

8. Thank you
Get in touch
info@openvector.co.uk
www.openvector.co.uk
Twitter: @openvector