Open Banking is the first step towards an Open Data society, ‘a data-driven world that will connect all ecosystems from finance to tech, allowing consumers to fully own their data streams and derive benefit from them.’ A steppingstone on that journey is Open Finance, the extension of Open Banking that allows the exchange of a much broader range of consumer financial data, creating a more holistic and accurate assessment of an individual’s digital financial footprint.
While Open Banking and the broader Open Finance movement puts competitive pressure on banks it also enables them to compete with new digital-first challengers, satisfy customer demand for friction-free, seamless digital services, and improve their margins. That is enabled in turn by modern, API enabled architecture and what the open finance model then allows financial institutions to do.
However, core banking legacy systems and their closed architectures are often incompatible with the demands of the digital era and obstruct banks from achieving the full potential of Open Banking and the broader Open Finance movement. Digital transformation is a key prerequisite if banks want to successfully open up new business opportunities and take advantage of the latest technologies to stay relevant in the ever-changing digital world.
Join us on December 13th, for our upcoming discussion, “Readiness of Legacy Systems for Open Banking in APAC,” hosted by Kapronasia in partnership with EPAM. This timely discussion features key industry leaders who will share their insights on the current state of play of Open Banking in Asia and how banks are overcoming the legacy challenge to seize the opportunity.
Panel Discussion: Readiness of Legacy Systems for Open Banking in APAC
Date: December 13th, 2022
Time: 3:00pm SGT
Gain Exclusive Insights on:
- The Open Banking opportunity in APAC
- Impediments to the greater uptake of Open Banking in APAC
- How banks are overcoming their legacy challenges
- The future of Open Banking in APAC
- Preparing for an Open Finance/Data world
- Lito Villanueva: Chief Innovations & Inclusion Officer/ Executive Vice President; Rizal Commercial Banking Corporation (RCBC)
- Erika Dizon: Senior Vice President and Director Fintech Business Group Head; UnionBank
- Gavin Tan: CEO & Co-founder; Brick
- Alistair Brown: Global Head of Open Banking & Payments Group; EPAM
- Moderator: Joe Jelinek, Research Director, Kapronasia