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The Euro Banking Association releases report on Open Banking for SMEs

6 iunie 2022

The Euro Banking Association (EBA) released a report on the opportunities Open Banking provides for improving financial services offered to small and medium-sized enterprises (SMEs).

“Open Banking for SMEs – Enhancing financial services for the backbone of Europe’s economy” provides a comprehensive overview of the specific challenges facing the SME sector and how this diverse and heterogenous customer segment can be better served through tailored financial services and value-added offerings based on Open Banking.

High-level findings:

. The SME sector is heterogeneous and highly impacted by digitalisation.

. SMEs’ financial needs are complex which has made it difficult to serve this customer segment with tailored financial services.

. An evolving ecosystem provides the foundation for a host of new, innovative propositions for SMEs.

. Leveraging Open Banking can lead to a win-win-win situation for SMEs and different financial service providers.

. Different Open Banking strategies can be pursued, based on a direct (incorporation) or indirect (provision) distribution model or a combination of multiple approaches.

For the success of Open Banking in the SME segment, a range of attention points needs to be observed:

. To succeed in the SME segment, Open Banking needs to be embedded in a broader transformation. The prerequisite is to establish a customer-centric mindset and implement a clear SME strategy before choosing an Open Banking approach and make any related “build or buy” decisions.

. The provider’s operating model needs to accommodate a truly customer-driven approach leveraging Open Banking with elements including a digital-ready culture, an API-enabled technology stack and the capabilities for leveraging internal and external data.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?