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Maintaining core banking systems come at a hefty cost. Financial institutions are spending up to US$100 billion annually on technology to remain competitive. -with Mambu Fernando Zandona https://lnkd.in/gzsGateV #fintech #virtualbanking #digitaltransformation

🌐 𝗕𝗿𝗶𝗱𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗮𝗽: 𝗕𝗮𝗻𝗸𝘀 𝗮𝗻𝗱 𝗙𝗶𝗻𝗧𝗲𝗰𝗵𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗥𝗼𝗮𝗱 𝘁𝗼 𝗢𝗽𝗲𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 The future of Open Banking will be shaped by collaboration between traditional banks and FinTechs, according to PYMNTS Intelligence. The divide between these two sectors is narrowing, but key challenges remain, from regulatory complexities to trust in data-sharing models. For true Open Banking to thrive, both banks and FinTechs must move beyond competition and embrace partnerships that focus on delivering value to the customer. With enhanced digital infrastructure and regulatory alignment, we can expect a wave of innovation in financial services, benefitting not only the industry but also driving financial inclusion. At Software Group, we understand the importance of this collaboration. Our solutions empower financial institutions to adapt quickly to the Open Banking framework, ensuring secure, seamless integration of systems and processes that meet customer demands for greater transparency and control. 👉 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 from the PYMNTS Intelligence report here: https://bit.ly/4ef12lJ  #OpenBanking #FinTech #DigitalTransformation

“Who should read this: Banks, fintech, aggregators, API tools providers, consumer associations and financial inclusion advocates, regulators What it’s about: Three new regulations are being introduced with deadlines starting next year that will impact on all European stakeholders in the open banking/open finance ecosystem. Why it’s important: All stakeholders need to prepare to meet emerging European open banking/open finance related regulatory standards in 2024. Stakeholders can better understand the new opportunities to offer new digital financial services and products to European citizens in the years ahead”. #OpenBanking #EuRegulation #Banking #OpenFinance #NewDigitalFinancialServices #DigitalWallet #Instantpayments #PSD3

📱The banking industry has witnessed a major shift towards technology-driven and personalized services, and this is particularly evident in the Middle East. But developing brand-new digital services from the ground up can be an expensive and lengthy process. Finastra's EVP of Universal Banking, Siobhan Byron, discusses how banks can adapt quickly in this new age of digital banking. Ultimately, it’s about finding the right partners and implementing a core banking system that offers rich, broad and deep functionality, powered by advanced technology. Read more 👉 https://okt.to/AGSdV3

FinTechs 🤝 Banks Trustly, Inc. Sr. Banking Relations Manager, Moa Agrell, spoke with PYMNTS to discuss how Bank-FinTech collaboration is crucial to adapting to the changing landscape of payments. Key takeaway? The agility and innovation of FinTechs + the industry expertise and established trust of Banks = progress. "It can be a win for the bank, a win for the merchants, a win for the consumers, and a win for the industry overall." Check out the full article here: https://lnkd.in/dka-AEsF

In a recent interview with Capital Brief, our very own Brenton Charnley, Head of Open Banking in Australia and New Zealand, deep dives into the open banking ecosystem in the region. He explains how collaboration between banks, fintechs and other stakeholders in the ecosystem is essential to ensure the ongoing security, privacy, and transparency of financial data interactions 🤝   Open banking in Australia is built around the Consumer Data Right (#CDR) construct which is designed to ease the access to and sharing of personal information across a range of services 🇦🇺   “While progress is being made, there's need for greater alignment within the ecosystem,” Brenton Charnley told Capital Brief. “Clear objectives for CDR’s success would provide industry stakeholders with valuable guidance, while enabling them to focus investments in areas that drive meaningful outcomes for consumers.”   Read the full article here: https://lnkd.in/emN7XzDp    #MastercardOpenBanking

The Open #Banking #Summit 2024 highlighted the rapid progress being made in the field of open banking and open finance. The event showcased not only the strategic insights and regulatory developments but also practical applications that are beginning to reshape the financial services landscape. As we look forward to the next Open Banking Summit on August 21, 2025, we anticipate further advancements and the unveiling of new initiatives that will continue to drive the evolution of the Swiss financial center. https://lnkd.in/dbxH3CDH

On 1 July 2020, Australia introduced new Open Banking legislations that mandated all major banks within the Commonwealth to share their product reference data with accredited data recipients. Here's the story of how ANZ leveraged Kong Inc. to not just comply with these new Open Banking regulations, but transform their entire digital ecosystem. #KongPin #OpenBanking #DigitalBanking #FinancialServices #FinTech

💡 Dive into the transformative potential of Open Banking, Pay-by-Bank, and Instant Payments with Eric BIERRY, CEO of Sopra Banking Software. Explore the latest article on Finextra to uncover invaluable insights on how American financial institutions can glean from European banks, preparing for the imminent reality of these major trends. #article #thoughtleadership #finextra

The "African Banking Digital Transformation" report, a collaboration between African Banker and Backbase, reveals the profound digital changes in the African banking sector. With a growing population and massive smartphone usage, digitalization appears as a crucial lever for financial inclusion. https://lnkd.in/d8QXpNyy