Thank you for joining the Ross Republic podcast. Your hosts; digital banking experts Mikko Riikkinen and Adrian Klee provide deep dive analyses on industry-defining developments, and discussions with industry professionals and fintech entrepreneurs. The podcast offers actionable insights into the future of banking and the subject matters directly impacting the transformation and daily grind of financial services.
In Ross Republic’s very first podcast, Mikko and Adrian discuss the effects of the global regulatory trend of opening up the gold mines of incumbent banks, and the drive to increase competition, foster innovation, make payments more secure and strengthen consumer protection.
The last few years have seen an ongoing debate on what exactly should the open banking initiatives become and how to implement them. Furthermore, the role of traditional banks has been under intense discussion, with many predicting that open banking will lead to a dramatic change of the market.
After the hype, however, reality usually kicks in. API-driven banking is a perfect example of how the effects of new technologies and regulations are overestimated in the short-term and furthermore perhaps underestimated in the long-term. Now, as the dust has settled somewhat after PSD2 came into effect roughly a year ago, is a good time to review what has happened in the field of open banking and to evaluate whether the market has really changed.