Shaping global banking opportunities and legislation in the open economy




Chair’s Welcome

9:10AMKeynote interview

The Consumer Data Right: a first step to an open economy

  • Analysis of the July 2018 data release mandate: what have internal teams done so far, and what will this look like next year?
  • Likely timetable for expansion to the smaller banks
  • Achieving consumer empowerment, improved competition and fairness
  • Current changes to the banking industry and regulations on the horizon
  • Expectations for including other industries in the open economy
  • Anna Bligh, CEO, Australian Banking Association
  • Leila Fourie, Chief Executive Officer, Australian Payments Network

Market use cases to monetise compliance

  • Using open banking as an opportunity to differentiate yourself
  • Implementing an open banking strategy company-wide
  • Cross-team collaboration for a unique customer experience
  • Building mutually beneficial partnerships for targeted services
  • Proving your value with public fee disclosure requirements
  • Improving the customer experience to differentiate your platform
  • Varying strategies between traditional and challenger banks
  • Lucas Challamel, Manager of Digital Technology, UBank

Global banking presentation: UK & Europe

  • Analysis of compliance with PSD2 and UK Open Banking
  • Expectations for how compliance requirements and strategies will shift following Brexit
  • Building a top-notch platform offering targeted products
  • Lessons learned in this varied market and how consumers responded
  • Using aggregated data for commercial benefit

Networking Break


Consumer behaviour and engagement with Open Banking

  • Analysis of use throughout Australia to date
  • Building trust on the security of data sharing
  • Educating the consumer and raising awareness of the benefits
  • Common pitfalls

Data protection and identity verification

  • Security concerns and the increased risk of fraud from open APIs
  • Best practices for accurate identity verification - can we develop a reliable standard that can be shared between institutions?
  • Managing the varying levels of risk between types of data

Debating data access, privacy & liability

  • Determining who owns what data
  • Monitoring data access: who should have access and why?
  • Liability for misdirected or incorrect payments and data breaches
  • Ensuring explicit and informed customer consent for data sharing
  • How much data needs to be shared with third parties?
  • Balancing multi-factor authentication for enhanced security while avoiding additional barriers to entry
  • Limits on real-time data access requests
  • Analysing the risks in third party authorisation for transaction processing

Networking Lunch


Cross-industry APIs and the open economy

  • Current retail market use of open APIs
  • The successful use of APIs in telecommunications companies
  • Social networks engaging users to improve comfort with data sharing
  • Financial advisors and insurance companies partnering with banks for personalised rates, quotes and advice
  • Preparing APIs for interoperability between sectors

Global banking presentation: New Zealand

  • The inevitability of Open Banking
  • Industry progress in NZ versus intervention-driven legislation
  • Balancing innovation and safety
  • Delivering real value to the customer and unintended consequences
  • Steve Wiggins, Chief Executive, Payments NZ
  • Greg Booker, Group CIO, Digital and Innovation Executive, RACQ
2:30PMCase study

Partnerships as a key differentiator

  • Choosing the right accredited partner
  • Offering tailored services to users to improve customer ease and increase profitability on both sides
  • Opportunities for third parties in the new data ecosystem

Networking Break


Global banking presentation: Japan & Mexico

  • Structure of the Open Banking regulation in Mexico
  • The cautious approach focused on personal data privacy in Japan
  • Analysis of what can be learned from these alternative approaches: how will Australia’s regulation continue to evolve?
  • David Beardmore, Commercial Director, Open Data Institute

Designing a platform for future regulations

  • Building an agile platform to future-proof compliance
  • Integrating new technologies alongside existing legacy systems
  • Implementing a blockchain-based security strategy

Shaping a universal framework around interoperability

  • Universal authorisation mechanisms and security standards
  • Technical standards on how all participants will connect and share data
  • Alternative options beyond open APIs
  • The role of middleware providers: how much data they should have access to, and their position as trusted intermediaries
  • Account portability between jurisdictions

Overcoming liability and legal pitfalls in Open Banking

  • Determining liability in the event of a data breach
  • New Open Banking legal challenges and the best ways to navigate them
  • Corporate structure changes and technology solutions for the new era in banking

The future of the competitive banking environment

  • Technologies on the horizon: cryptocurrencies, AI implementation, virtual chatbots, augmented reality, etc.
  • Cross-industry and cross-border partnerships changing the economy
  • Understanding the value of data and security issues
  • The changing roles of challenger banks and other financial services professionals
  • The future of personal credit scores, transparency in lending, and strategies in data protection and privacy
  • Running existing migrations in parallel wih the new Open Banking platform
  • Ryan Gonsalves, Head of Innovation & Change, AMP Bank Limited
  • Joanne Henaghan, Chief Innovation Officer, Credabl

Chair’s Summary & Close of Summit

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