June 2, 2017

Experience based economy with open banking – my key take aways from the Nordic Finance Innovation forum

Maria Kumle

Head of New Solutions, Tieto, PHCW

How would you spend your afternoon if you were passionate about ecosystems and digitalization? Or more than average, curious about how the Nordic finance industry will play out when we are full speed ahead into open banking with market places and platforms as a result?

As I can hold my hand up for all of the above, I know what I did on a windy Thursday June 1st – I spent it together with fellow “curious Georges” sharing thoughts and listening to some of the cool startups and established players from outside the Nordics at Epicenter in Stockholm.

The business network NFI- Nordic Finance Innovation held its second forum in Stockholm on the topic of “Marketplaces and Platforms” and since I believe that sharing is caring I’ll share my reflections from an inspiring event:

We have just opened the door to the possibilities of open banking and open APIs, and we here in the Nordics have an excellent possibility to be in the forefront, unleashing real value to the customers in this region. Instead of being afraid or intimidated by the leapfrogging that Asia is doing in this area, we should embrace and recognize our strengths and put them to work. The age we are now in is all about collaboration and opening up for sharing – be disrupted and disrupt, and we are actually kind of good at that up here in the north, let’s be proud of that.

But – by all means – that also means willingness to learn and listen and get inspiration and collaborate with those with the good ideas, and that is exactly what the Marketplaces and Platform event of NFI gave the opportunity to do.

My key takeaways are the following:

  • The internet of me – I will be advocating the heliocentric approach to customer experience.
  • Open Banking is more than PSD2 – absolutely yes! It needs to spread out beyond the payments and even cross industry.
  • Provide customer experience and make the marketplace invisible – could not agree more – we need to get the banking services to where the need is initiated, not locked away inside the banks. The invisible bank.
  • Making a bank out of any company – contextual banking lego style. Yup, rethink the business model, rethink the value chain.
  • And it’s all about the experience – we are now in an experience economy.
  • Finally, a statement; Digital banking is only 1% done, so we need to get to work guys!

Thank you Chris Skinner, Jason Bates, Nick Ogden, Marko Wenthin, Conor Fennely and Edward Maslaveckas for sharing your insights and all the rest of you for attending the really good discussions!

I know that I am looking forward to our next session. Meanwhile I would like to continue the discussion with you! If you are interested please send me an email maria.kumle@tieto.com

Tieto is Nordic sponsor for the Nordic Finance Innovation network promoting collaboration and innovation cross Nordic with a global reach.

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