Open Banking is bigger than we thought, will create transformational change, and is a global opportunity, says Basiq.
In this episode of The FinTech Report podcast, Damir Cuca, Founder of Basiq, describes how Open Banking is changing banking and financial services to redefine what a banking, fintech and neo-banking service means.
Damir discusses the big four transformational changes that Open Banking will bring;
- Data is democratised because of Open Banking
- Open Banking creates an alternative rail to the card networks
- The rise of fintech apps that use debit (cash) as opposed to people using credit cards
- ‘Looks like a bank, acts like a bank’ – the ‘data plus payments’ formula means the fintech eco-system is creating a new version of what ‘a banking service’ looks like, and is driven by fintechs partnering with other fintechs and Banks/ADIs
Open Banking will transform other sectors, such as energy, telecoms, and will lead to a new breed of “Financial super App” that offers consumers every service in one place; Damir discusses how the Google Pay service is on the way to doing this; a message to established companies in financial services that their market share in under imminent threat.
Damir Cuca is the Founder and CEO of Basiq, an API platform providing the building blocks of financial services. Damir is a member of Australia’s Consumer Data Right Open Banking advisory committee and actively champions the importance of fintechs in an innovative and inclusive Open Banking ecosystem.
Basiq is the one of the leading API platforms for businesses to build innovative financial solutions. Basiq’s developer-friendly platform provides secure access to customer financial data and the ability to uncover valuable insights. Backed by AP Ventures, Salesforce Ventures, Reinventure, NAB Ventures and Plaid, over 200 fintechs and banks rely on the BASIQ platform to deliver solutions across lending, payments, wealth, and digital banking.
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