A new Qorus Open Finance community has just been launched with Capgemini as a partner. It is a unique platform and the only community where we find ways to connect bankers and insurers with fintech players and to enlighten the Open Finance future for all of us.
The community leader, Sarah Kocianski, fintech and insurtech strategist with 10+ years industry experience, shares her thoughts on launching the community, guiding you through understanding the Open Finance space, on what the potentials are and how to make the most out of these opportunities.
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This community has come at a really great time, when Open Finance has made significant progress since the issuance of the first PSD document in Europe. We spent many hours trying to read our way through that when it was first brought out, and since then we’ve made great strides all over the world.
Right now, Open Finance is in danger of losing the momentum it has gained in recent years due to a lot of distractions going on in the world: we’ve got a cost-of-living crisis, as well as a lot of political changes in many parts of the world. That means that regulators’ priorities are changing, and that can impact the way in which we look to implement Open Finance going forward. It would be a shame if that momentum were lost, since Open Finance can power solutions which can really help consumers and businesses manage and overcome hardship better.
We’ve seen the beginning of some of those solutions that can help people better manage their finances and have a better holistic picture of their financial health. We’ve seen the innovation of using Open Finance to power cash flow financing for businesses and individuals. We have seen a lot of larger banks and institutions realizing that they need to work with fintech providers to deliver Open Finance solutions that assist them in meeting their customers’ needs – and that’s a huge step forward.
This community is designed to help that happen, providing a forum for fintechs and FIs to meet and see how they can work together – financial institutions can find people who can help them deliver their own journeys and vice versa, so if you are a solution provider it’ll help you to find clients; and if you are a large financial institution, it’ll aid you to find the best partner to deliver the solution that your customers actually need and want
And the other important thing we can do within the community is we can learn from each other’s experiments, so we can learn from where things have gone wrong and avoid making those same mistakes again. There’s a huge amount of potential here and working together seems like the best way to unlock that potential for all of us.
Our online launching event took place on the 29 September. This event was just the start, but the prompt interest was very inspiring.
We had outstanding keynote speakers including Sudhir Pai, Executive Vice President, Chief Technology & Innovation Officer from Capgemini, Australia; Edward Maslaveckas, CEO of Bud, UK; and Sarah Häger, Head of Open Banking Community from Nordea, Sweden. All of them, having exceptional experience from years of working in open finance and open banking, brought real case studies and some examples of where they’ve implemented Open Finance solutions and talked through where they think the potential opportunities are in this space.
The event was an excellent start to the activities of the community. This is our firm goal: to bring value to our community members through insights, cases, best practices and learning through plenty of initiatives we are here to organize for you.
There is so much we can learn from each other. And it does make sense to really work on this to make most of those opportunities. This community is here to help you do that. It’s to help you meet the people you need to meet. It’s to help you share ideas and learnings and to check and talk through some ideas with other people who are in the same position and place as yours. We are here to know what you are interested in, what problems you are trying to solve, what problems maybe you can solve for other people. Join more Qorus events like that, join more discussions with your peers and talk through the exciting future of Open Finance.
There will be new community events and activities announced soon. Stay tuned and regularly check Qorus website.
If you would like to join the Open Finance community, you can reach out to the community manager, Elena Davydova at firstname.lastname@example.org