Navigating open banking and payment systems in a disruptive era:

Key imperatives for financial institutions

Programme Details

Background

Globally, Open Banking initiatives are key elements of regulatory and policy interventions, that leverage the increasing interconnectedness of financial services, emerging technologies, and increased competition within the banking sector. With financial activities accelerating unprecedently in a very dynamic business environment, heightened by changing customer expectations and behaviors, regulatory scrutiny and emerging technologies, and a broader variety of products and services, financial institutions need to be more proactive, compliant, while managing costs and maintaining security and trust.

As this emerging innovation reshapes financial services, with regulators and government seeking to increase competition and preferences, customers expect ease and convenience, as well as flexible access to services, driven by broader digital experience and emerging technology. This will improve collaboration between financial services providers, greater innovation and better products and services for customers.

Hence, financial institutions must understand the key imperatives to successfully navigate this pervasive ecosystem, in a manner that ensures compliance, reduce risks and pursue strategic growth opportunities, while ensuring seamless business operations.

The programme is designed to equip participants with the knowledge and skills required to navigate the open banking ecosystem and its disruptive payment systems, adapt to changing industry trends, and drive innovation within financial institutions, leveraging the inherent opportunities and mitigating possible risks.

Learning Outcomes

Acquire technical knowledge about the core technologies underpinning open banking, such as APIs, cloud infrastructure, and blockchain, and their implications for business operations.
Develop expertise in managing data as a strategic asset, implementing data governance best practices, and utilizing analytics for personalized services and risk assessment.
Improved ability to leverage payments innovation, including mobile payments, digital wallets, and real-time payment systems, to offer seamless and convenient transaction experiences.
Proficiency in identifying and mitigating cybersecurity threats, implementing fraud prevention strategies, and adhering to international security standards to protect both their organization and customers.
Develop innovative and sustainable business models that will facilitate and support open-banking platforms.

Learning Objectives

Gain a deep understanding of open banking and disruptive payment systems, including their historical context, drivers, and significance in the financial industry.
Discuss the regulatory frameworks governing open banking and payment systems in different regions, as well as the compliance requirements for their organization.
Discover the core technologies underpinning open banking, such as APIs, cloud infrastructure, and blockchain, and their implications for business operations.
Learn how to redesign and optimize customer experiences to meet the evolving expectations of clients in an open banking environment, fostering trust, loyalty and engagement.
Understand how to identify, evaluate, and partner with fintechs and third-party providers, creating symbiotic relationships that drive innovation and growth.
Define various payments innovation, including mobile payments, digital wallets, and real-time payment systems imperative for seamless and convenient transaction experiences.
Examine ingenious techniques for identifying and mitigating cybersecurity threats, implementing fraud prevention strategies, and adhering to international security standards to protect organization and customers.
Explore various innovative revenue models, marketplaces, and sustainable platform strategies in open banking.

Content

Overview of Open Banking and the Disruptive Payment Systems
Future Trends and Emerging Technologies in Open Banking & Payments
Open Banking and the Regulatory Landscape and Framework: Compliance Requirements for Financial Institutions
Technology Infrastructure & Systems Integration in Open Banking
Application Programme Interface (API) Models and Frameworks
Data Management and Analytics
Data, Security and Risk Management
Customer Experience and User-Centric Design- Redefining Customer Experiences in Open Banking
Fintech and Ecosystem Partnerships
Payments Innovation: Opportunities and Challenges
Market Place Disruptions : Opportunities, Challenges, Threats