The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.
Our final session on day one saw Michael Nicholls, Principal at EPAM Systems, take part in a fireside conversation on the topic of open banking and the impact of generative AI.
The evolution of open banking
Introducing the concept of open banking, Nicholls said: "Banking for decades was exactly the same. Even when computers came, they were just electronic ledgers. There were no big leaps forward in the way banks worked.
"Then fintechs started coming. The regulators wanted to stimulate competition and one way they have done this is with open banking."
Nicholls went on to explain how open banking took off, adding: "What the regulator did was ask the large banks to basically open up their systems to their competitors. In the UK we had the nine largest banks being instructed to open their doors to these competitors who had really sexy applications running on computers.
"You could put your money in pots; you could round transactions up and save money, and it was a real buzz. We had Starling Bank coming along, we had the spin off with Monzo – all these things were happening, [but] the nine banks didn't move quite as fast as the FCA wanted.
"Eventually, we've found there's a whole ecosystem of those fintechs who are exploiting the open banking APIs, both in the UK and across the world, to develop innovative products.
"Open banking has opened up opportunities for fintechs, for challenger banks and several of the traditional banks tried to create their own digital banks. And, as we all know, some have been successful, some have been demonstrable failures.
"That leads us to where we are today with open banking. What has now happened is we're moving into that next phase."
To watch the session in full, simply follow the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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