Open Banking is revolutionizing finance, and the new FIDA regulation is set to supercharge it! In this video, we break down everything you need to know:
At its core, FIDA is a mandate, a crucial directive carved in digital ink. It urges banks, fintech startups, and financial institutions alike to adapt or risk falling behind. But what exactly does FIDA entail, and how will it reshape the financial industry and the broader business landscape?
FIDA mandates that financial institutions unlock their vaults, the repositories where customer data resides. This data is the key to a wealth of information, the transaction histories, behavioral patterns, and preferences, that can shape the future of finance. Unlike PSD2, however, FIDA isn’t merely a regulatory requirement; it’s a gateway to revenue opportunities.
FIDA introduces the Open Finance framework, expanding on the concept of Open Banking, which involves the sharing, access, and reuse of personal and non-personal data to offer a wide array of financial services.
The aim is to foster innovative financial products and services for both consumers and companies. However, customers retain control, needing to grant permission before their data is shared, with the ability to withdraw this permission at any time.
Now, envision a countdown clock, a relentless timer ticking away 18 months. That’s the timeline FIDA provides for transformation. Banks must revamp their systems, processes, and mindsets. Legacy systems, those stalwart workhorses that have stood the test of time, are now at a crossroads. FIDA necessitates a substantial upgrade, the advent of a continuous CTB (Change the Bank) culture.
Watch the replay to understand why & how banks & financial institutions can be Open Finance-and-FIDA-ready.
Discover cutting-edge insights, and shape the future of finance. The engaging session filled with in-depth insights and discussions was led by renowned industry experts:
- Alan Goodrich, Regional Sales Manager at ERI – Explore the evolving landscape of financial services and the role of technology in shaping customer interactions.
- Anne-Sophie MORVAN, Chief Commercial Officer at LUXHUB – Unpack the intricacies of data privacy and its impact on financial ecosystems.
- Dr Ritesh Jain, Founder & Board Advisor at INFINYT – Exploring into the latest trends and challenges in the open banking sector.
- Moderated by Nikhil Gokhale, Director of Research & Digital Properties at IBS Intelligence – Ensuring a focused and insightful discussion.