As one of the leading proponents in the Open Banking ecosystem, The ID Co. were delighted to attend, sponsor and speak at the FDATA Global Open Banking Summit taking place in Edinburgh. The conference brought together the leading academics, thought leaders and practitioners in the field - and with it taking place mere minutes from our offices, there was no way we wouldn't be involved!
The conference was put together by the Financial Data and Technology Association (FDATA) and expertly chaired by Chairman, Gavin Littlejohn. The event had a distinctly international field with speakers and delegates attending from across the globe.
Anticipation for the conference was high...
Going to the @FDATAglobal event today in #Edinburgh? Yeah? Great, me too. Come and say hi and we can talk about how you can be using #openbanking #data within days. Yes, I said days. #fdataGlobalSummit2018 @the_idco— Dave Jennings (@dave_jennings) 6 December 2018
Exciting to have the @FDATAglobal Global #OpenBanking Summit in #Edinburgh today with a terrific international speakers and audience shaping the future world of #fintech around the globe . @FinTechScotland @ScotDevInt https://t.co/obVzCHtPgy— Stephen Ingledew (@IngledewStephen) 6 December 2018
And it gave The ID Co. an opportunity to further road-test our new stand...
The conference was staged at the stunning McEwan Hall, part of the University of Edinburgh.
Stunning! pic.twitter.com/uLsX2iMCz0— Jamie Campbell (@JCtheOriginal) 6 December 2018
“Kick Off Notes”
The first morning's panel saw speakers from North America, Japan, India and Russia.
At the #fdataGlobalSummit2018 at the incredible #mcewan hall at the #universityofedinburgh. Panel discussion on Open Banking from speakers from Japan, USA, Russia and India chaired by #gavinlittlejohn pic.twitter.com/59MiAJloj5— Colin Carmichael (@cargeoff) 6 December 2018
Nicola Anderson from the FCA also noted the diverse audience.
The second panel of the day focused on policy and implementation of Open Banking in the UK, featuring Imran Gulamhuseinwala, Trustee of the OBIE, Dan Globerson from RBS, Colin Garland form the CMA and Ed Colley, also from the OBIE.
As always, Imran Gulamhuseinwala, was full of insight on the journey that Open Banking has been on over the last year, and what more can be expected in 2019. He stressed that while 2018 had seen Open Banking come a long way, that the UX still fell short, and conversions and completions were not where they should be. In 2019, the UX, would therefore, be standardised to remove friction and obstacles. Interestingly, commercial API's for banks will also be rolled out in 2019, sitting on top of regulatory API's and allowing banks to generate income from them.
As well as moving into other markets including insurance & asset management we will roll out commercial APIs that will suit on top of regulatory APIs says @imrangulam @FDATAglobal #fdataGlobalSummit2018— The ID Co. (@the_idco) 6 December 2018
Second panel discussion of the day underway with @imrangulam introducing and Dan Globerson from @RBS @ColinGarland from @CMAgovUK Ed Colley and Chris Michael from OBIE and Rob Ashton from Account Technologies on the panel #fdataglobalsummit2018 #openbanking pic.twitter.com/9nGlj0tzHl— FDATAglobal (@FDATAglobal) 6 December 2018
Delegates were delighted to hear from Kate Forbes, the Minister for Public Finance and Digital Economy, Scottish Government.
.@KateForbesMSP addressed the Financial Data and Technology Association’s Annual Global Open Banking Summit today to highlight the importance of the financial services and technology sector in strenghtening Scotland's economy @FDATAglobal #FDATAGlobalSummit2018 pic.twitter.com/h1pCICOAhX— ScotGovEconomy (@scotgoveconomy) 6 December 2018
The end of the first day saw plenty of plaudits for the FDATA team, including this from FinTech Scotland CEO, Stephen Ingledew.
Fantastic leadership from the #OpenBanking global leader @GavinLittlejohn in making #FDATAGlobalSummit2018 such an amazing and engaging event for people from around the world here in #Edinburgh Scotland. Thank you to the terrific @FDATAglobal team. Roll on day 2 https://t.co/26exg8JEjh— Stephen Ingledew (@IngledewStephen) 7 December 2018
The morning of the second day, saw our own James Varga take the stage along with representatives of DGen, Runpath, TrueLayer and RAiDiAM. The panel was designed to discuss and debate the future of Open Banking and allowed for a comprehensive discussion on how Open Banking could be made to work for consumers.
Gavin Starks of DGen gave introductory remarks. James discussed how Open Banking needs to illustrate convenience for customers, and this will key to bringing them onside. Use cases for Open Banking are also growing, with data increasingly being seen as a utility, and also being used to prove that we are who we say we are, which can then be used in affordability checks and AML/KYC checks.
The panel also discussed further opportunities for Open Banking, with pensions being seen as a major opportunity. While discussions with the UK Government on a new pensions dashboard appear to have stalled, there was hope from the panellists that this could provide a new use-case.
The afternoon saw presentations from Kevin Telford of Thoughtworks, followed by Gavin Littlejohn and Stephen Ingledew. Kevin Telford spoke on Open Banking leading to open finance and eventually open life, opining on tech becoming a force for social good, such as solving issues such as financial inclusion.
Following Kevin came Gavin Littlejohn to speak on the creation of the Global Open Finance Centre of Excellence, to be hosted at Edinburgh University. Littlejohn described the Centre's mission as "unlocking the potential of economic data as a force for good."
The Centre will act as a global economic observatory, using super-computers to collate and manipulate data-sets to help regulators and decision makers in their policy making. Stephen Ingledew, from his perspective as CEO of FinTech Scotland asked delegates to always remember the requirement for a human driver in FinTech. No longer, he explained, are banks pushing products onto consumers, but now there are a huge range of actors in the space, and input is required from each of them.
Whether this is charities or social enterprises, we all now have a voice on the way our data is used. Everyone is now involved in data and the FinTech space. Start in Scotland, he said, then by encouraging global collaboration, we can roll out this message across the world.
Global Open Finance Centre of Excellence: part of a £160M investment to make Edinburgh the 'data capital of Europe' and invest in building a "strong global data infrastructure" to create "mission-driven initiatives" https://t.co/F5MWjxwx9N @FDATAglobal #fdataGlobalSummit2018— Gavin Starks (@agentGav) 7 December 2018
Until next year!
See you later Scotland. Big thank you to @GavinLittlejohn & the @FDATAglobal team for the 2-day session on #openbanking. Very informative sessions & @MI_CFM is looking fwd to returning next year. #FinTech pic.twitter.com/j9bXMmZ4Ru— Jackson Mueller (@jackson_mueller) 8 December 2018