Erick Watson, CEO of Randamu
Open banking is on the verge of becoming a broader coordination layer for financial experiences, not just a data-pulling mechanism.
As interoperability frameworks mature, mirroring developments in Web3, we’ll see banks and fintechs monetising access to financial identities, real-time credit scoring and programmable workflows.
Think of open banking as the backbone for secure, event-driven automation: a bill gets paid, and a savings allocation triggers instantly across multiple platforms. The future lies in secure, permissioned coordination across data silos, and when applied to finance, it unlocks new, high-margin services grounded in trust, automation and personalisation.
Krishna Subramanyan, CEO, Bruc Bond
Open banking needs to move into platform-based infrastructure that addresses challenges like multi-ledger reconciliation, automation of respective regulatory workflow, cater to multiple entity types and the tiered fee logic used by banks and fintechs today.
By building modular systems that handle hierarchy, fee setup, reconciliation and compliance – all in one cohesive platform – we can unlock new revenue opportunities. This approach enables the delivery of richer, more contextual services across various domains, including corporate banking and cross-border payments.
James Lynn, CEO, Currensea
Open banking can unlock access to enhanced value for money through personalised financial products, whether that’s eliminating bank fees or offering perks through reward schemes.
For example, Currensea uses open banking to automatically connect its travel debit card with a user’s existing bank account while offering them the best foreign exchange rates on the market.
Through the power of open banking, customers never need to top-up cards or juggle funds as people can spend directly from their everyday bank accounts without any of the hassle of opening a new account.
There is a growing trend of corporates also leveraging the benefits of open banking in order to diversify their offering to customers and give them a competitive edge.
For example, open banking technology was vital in powering Currensea’s recent co-branded card launch with Hilton.
This world-first hotel debit card last year, enables Hilton’s loyalty programme members to spend directly from their existing bank account to collect points which can be redeemed on hotel stays and holiday experiences.
