Leda Glyptis can empathise with the banks. She’s a recovering banker herself. At a time when the incumbents are choosing to embrace this era of open banking – albeit slowly – the chief of staff at challenger consultancy 11:FS lays out the three choices they can make in order to make money and move their business forward.
For those who are considering a fintech partnership, there’s an immense opportunity to accelerate learning and become more agile – if they choose the right one.
It’s now obvious for most – open banking is a new way of working that is here to stay. Leda says there are few banks left that are treating it as a regulatory project. Instead, most are busy pulling apart their old value chains in order to create new ones. They’re onto building something wonderful – albeit a bit more slowly than we had all hoped.
In the rush to decide what they need for this new journey, banks are forgetting to first decide where they’re going. And for this choice – the most important one – Leda sees three options:
Make money the same way for as long as possible
Become a utility or infrastructure provider
Make money a new way
Partnering with the right fintech can be a powerful way to accelerate development, and energise a bank with purpose and pace. Leda talks about how to identify the meaningful partnerships – the ones that can transform parts of the organisation – and avoid the ones that are “empty calories”.
We’re partnering with global financial automation and payments company Serrala to simplify the billing process and reduce transaction fees for billers while improving the payment experience for millions of consumers across Europe.
Financial executives in Europe see open banking as a revolution, and are embracing it more than ever. But many expect it will take several years to get there. While transformation takes time – there could be a way to accelerate it.
Lemonway, a French payments service provider, launched their Pay By Bank with Tink, a new service that allows their merchants to offer users an easy, secure, and convenient digital payment method.