This platform-based business approach opens processes, data, and business functions to an ecosystem of Banks, Customers & FinTech companies
Dr. Alfonso Cahero, Chairman, Founder and CEO at Cahero Holding, spoke about Achieving Open Banking the Future of Banking.
Dr. Alfonso Cahero is the Chairman & Founder of Cahero Holding. He has a Ph.D. in Economics and Finance specializing in Banking, Corporate, Finance, and Securities Law, a Specialization in Financial Technology, and a Ph.D. Architecture and Engineering.
Financial regulators are now intervening in disruptive ways that encourage transparency and greater access to customer information to drive innovation and competition, for a more customer-centric banking experience, in today’s agile and dynamic environment.
New regulations require that much of the client’s information be available to the outside world through digital channels. Previously, banks had exclusive access to their clients' information.
Regulations like these paves the way for new business models inside businesses and beyond. This creates important digital capabilities, such as algorithms, data, and information available to external bodies and internally.
This platform-based business approach opens processes, data, and business functions to an ecosystem of banks, customers, FinTech companies, partners, and third-party developers.
What is Open Banking?
Banking institutions are allowing third-party providers (TPPs) to access their application programming interfaces (APIs) so that TPPs and financial technology companies (fintech) can then build new applications and services or create additional services together with financial institutions.
Drivers and forces behind the Open Banking
Over the past few years, financial institutions have faced major challenges, and, at the same time, opportunities have arisen to shape their future profit pools.
Below are the main factors that led financial institutions to lead the path of innovation:
- Behavioral change of Customers and need: In many cases, changes brought about by digitization are a result of changing user behavior.
- Advanced technology enables it: Previously closed-ended systems have become open and networked thanks to digital technology, paving the way for Open Banking to flourish.
- Regulation fosters it: Regulation encourages innovation by explicitly naming ‘Open’ as a policy goal that all financial institutions should consider.
- It is imperative to mention that one key factor to winning customers’ trust and providing better products and services is putting we in their shoes and acting on key factors that would make the customer feel comfortable and relieved about embracing open banking practices. Transparency in data, processes, and policies, while still maintaining data security, is the key to success.
Learn more about Dr. Alfonso Cahero, his expertise, and exclusive services offered by his business conglomerate Cahero Holding.
Connect with Dr. Alfonso Cahero on LinkedIn and Instagram.
Cahero Holding
Dr. Alfonso Cahero
holding@cahero.com
Miami
Florida
United States
www.cahero.com
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 "Dr. Alfonso Cahero Achieving Open Banking the Future of Banking")
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