“Rails without brains” lead us nowhere


The job of implementing open banking doesn’t finish when the infrastructure is in place. In the race to meet legislative deadlines, we must remember that having the right expertise is critical to realising open banking’s full potential.

Open banking isn’t happening because of legislation. The directives and regulations are a rubber stamp on changes that have been brought about by progressive technology. When people interact with their finances, they want it to meet their smartphone-enabled expectations. They are cashless. They are digital. They are informed. They are empowered. Why? Because of technology.

Legislation has enabled the infrastructure, or the rails as we call it, to be laid across Europe. But what is more essential is to have enough expert knowledge to make the most of it.

Knowing where to tap

There is a well-known tale from the early 1920s that highlights the value of properly applying specialist knowledge:


You may have heard the story before, but let’s think about it in a different way. What if the gigantic, complicated piece of machinery isn’t in a factory? Instead, it’s the infrastructure of an entire industry.

The machinery is changing. The technology available to service customers is constantly being updated and improved. If there is any lesson to learn from the metaphor of the expert and the hammer it is when new technology is implemented, and critically depended upon, it must come with the expertise to make it run smoothly and power the business to its full potential.

To avoid becoming merely an empty pipe used to funnel data, you need to be able to lay and maintain the infrastructure, and also have the expertise to manage it. Whoever’s laying the rails, needs to have the brains.


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