开放银行现状（英文版）.pdf

LendIt Fintech 1 | THE STATE OF OPEN BANKING lendit LendItFintech This white paper addresses commercial banks, other financial service providers, fintech startups, investors, and more, regarding: Drivers and benefits of Open Banking initiatives Regulatory frameworks around the globe Financial functions targeted by open APIs Leading players and their initiatives Collaboration strategies Risks and challenges Defining the path to success The State of Open Banking Why todays early implementation steps are leading to a financial revolution Whitepaper 2018 LendIt Fintech lenditLendIt Fintech 2 | THE STATE OF OPEN BANKING lendit Contents Drivers and benefits of Open Banking initiatives Regulatory frameworks around the globe Financial functions targeted by open APIs Leading Open Banking players and their initiatives Collaboration strategies Risks and challenges Defining the path to success Appendix: Developer portals and API support by bank Research sources “Open Banking is driving a new dynamic whereby traditional banks are bifurcating into product providers or relationships owners. ” - Max von Bismarck, Chief Business Officer at Deposit Solutions 03 06 08 09 12 15 17 20 22 1. 2. 3. 4. 5. 6. 7. 8. Open Banking kick starts the creation of highly innovative, digital financial services through open technology standards, or APIs. These enable commercial banks to share account information and support payments with all types of enterprises. Driven initially by regulations in Europe and the UK, variations on Open Banking are gaining foothold in the US, Asia/Pacific, and beyond. In the future, the open philosophy will impact lending, wealth management, and invoicing as well. LendIt Fintech conducted this study to provide an update on how far the Open Banking trend has progressed and how great an impact it will have on the financial competitive landscape. Through research into banks developer websites; the latest offerings from commercial banks, fintechs and internet brands; and industry interviews; LendIt affirms the likelihood that Open Banking will restructure the industry in terms of business models and services created through collaboration. A fundamental question addressed is: what steps must a company take to play a leading role and stay competitive?LendIt Fintech 3 | THE STATE OF OPEN BANKING lendit DRIVERS AND BENEFITS OF OPEN BANKING INITIATIVES Open Banking is a recent phenomenon, arising from European and UK directives in 2015 and 2016 to create a more integrated, innovative, and competitive banking and payments system. It has gained a foothold in the US, Asia/ Pacific, and elsewhere as well. Open Banking is an initiative that instructs banks to share access to account information and payment mechanisms with third-party providers (TPPs). These TPPs who often are fintech startups, but also may be consumer- facing digital brands or financial transaction processors access these systems through open technical standards (application programming interfaces, or APIs). They then incorporate this access into compelling financial applications. Examples of such services include voice and chat-controlled account queries; personal financial dashboard apps; budgetary analysis and semi-automated debt reduction counseling; instantaneous product financing, and product insurance offers; and comparison marketplaces for depository products. While some of these services have been available earlier with limited scope, Open Bankings industry-wide access democratizes the playing field and ignites innovation. Traditional banks now will not only be competing against other banks, but a range of enterprises offering financial services. Key drivers of Open Banking 1. Regulations A crucial motivation for governments worldwide has been the transformation of the financial services market into a more competitive and innovative one. Federal and regional agencies are drafting regulations to facilitate a more open environment that is receptive to technology players and disruptive ideas, which in turn will empower consumers. Section 2 in this paper addresses relevant regulatory frameworks. Customer expectations Consumer demands are evolving. Millennials bank differently than the previous generations. According to a 2016 survey conducted by Accenture, more than 50% of consumers will use a payment initiation service provider (PISP) product, and one-third of debit card payments and one-tenth of credit card payments are expected to move to PISPs by 2020. The younger banking generation requires quickly accessible, personalized, and secure digital services that are also affordable.LendIt Fintech 4 | THE STATE OF OPEN BANKING lendit Technology Competition & collaboration APIs have evolved from being optional infrastructure to must-have tools as they allow banks to develop capabilities to succeed in a competitive ecosystem. Instead of reinforcing innovation from the ground- up, APIs afford the potential for rapid product development through the aggregation of existing software functionality. Layer on top of APIs parallel trends in human-language interfaces, big data, and machine learning, and one has the makings of dramatic improvements in customer-centric financial services in the coming years. Banks have suffered a decline in average return on equity beginning with the 2008 crisis. Apart from battling with traditional competitors, banks are facing the rise of fintechs. Global investment in fintech has hit a record high of USD 58 Bn across 875 deals in first half of 2018, already exceeding the investment for all of 2017. Fintechs have managed to limit the purview of regulators to a degree through non-banking business models, threatening banks with competitor hyper-growth while limiting compliance costs. They say: if you cant beat them, join them. Open Banking thus encourages banks to collaborate with fintechs and harness their best attributes. These include out-of-the-box ideas, customer- centrism and time to market. According to PwCs Global Fintech Report 2017, 82% of incumbents expect to increase fintech partnerships in the next three to five years. Not only will customers benefit greatly from new services being fashioned together using Open Banking, but commercial banks, fintech startups, and non-financial companies with broad consumer reach, all can find opportunities to update their strategies and achieve outsized returns. Jamie Campbell, Awareness Lead, Bud If youre a consumer unhappy with your banks service, you can now switch in an instant to a new financial services provider on an app, without having to transfer your actual bank account. Open Banking will give consumers much more freedom to compare and seamlessly switch financial service providers, while simultaneously holding their funds at a trusted, well-established bank. Consumers will have a real-time view of all their finances on a single platform rather than juggling multiple accounts. This empowers them to make better decisions when dealing with financial products, investments, and expenditures. Individuals who may not qualify for traditional banking services or find them too costly, will realize financial inclusiveness benefits including: low-fee or no-fee accounts, alternative credit assessment methods, easy transfers to family and colleagues, account access anywhere via smartphone, and automated 24x7 support in the language of their choice. As Open Banking expands, it will also improve the efficiencies of business banking in areas such as accounts-receivable processing. Benefits to customers Benefits by audienceLendIt Fintech 5 | THE STATE OF OPEN BANKING lendit Banks have the opportunity to expand their offerings by opening up their core business functions to third- party integration via APIs. The most progressive of banks are building developer portals (websites) and sandboxes (platforms on which to experiment) to nurture innovation ecosystems. Enhanced service offerings that are customized to end-users needs will help banks drive customer satisfaction. Banks will be able to participate in larger profit pools by reaching out to the underserved population. Launch of digital-only services will improve banks revenues and profitability. Banks have a prominent “chair at the table” in terms of participation in regulatory conversations and technical consortia, where they can help define the priorities and details of Open Bankings technical specifications. With the premise of Open Banking being the ability to seamlessly integrate multiple financial functions and data in a common user experience, fintechs have available numerous paths to innovation through the aggregation of services and data. Fintechs will have easy outreach to banks customer base. Whereas in other fintech sub-sectors, it has been the startups that drove early customer adoption, with Open Banking it appears to be banks existing customer base paired with compelling applications that will create the critical mass of adoption. Access to vast transactional data held by banks, combined with big data and artificial intelligence techniques, allow fintechs to construct a business strategy around leading-edge analytics and personalization.4 Fintechs can build virtual services in which they act as the front-end, but refrain from actually holding deposits or offering financial advice. This allows them potentially to circumvent complex and expensive banking compliance requirements. However, there still may be other Open Banking licensing requirements for new enterprises: the UK is registering companies as authorized account information service providers (AISPs) or payment initiation service providers (PISPs). Fintechs may have choices to make as to the regulatory principles under which they will operate. 5 Involvement with financial transactions and related data is lucrative opportunity, even if one is not a financial company. Thats why digital consumer giants including Google and Facebook are promoting their own payment services. Open Banking benefits these companies by providing a standard interface with which to access consumers funds and financial data, instead of building interfaces ad hoc. In the UK, which mandates that banks provide account access APIs to all qualified third-parties, a company like Facebook no longer must negotiate access terms for its Messenger Payments service, with what might be a banking competitor.6 Meanwhile, professional services firms are filling a knowledge gap by sharing leading-edge practices in compliance, data security, forensics, and governance. PwC, for example, has its Financial Crimes unit working with banks on fraud and anti-money laundering, as well as security concerns, related to Open Banking. Benefits to banks Benefits to fintechs Benefits to non-financial service providers, including digital consumer brandsLendIt Fintech 6 | THE STATE OF OPEN BANKING lendit 2. REGULATORY FRAMEWORKS AROUND THE GLOBE Regulations intended to increase financial innovation and competition kicked off the momentum towards Open Banking. Following the UK and Europes lead, other countries and regions have caught on, though with different oversight approaches ranging from issuing high-level guiding principles, to mandating banks to open access to their accounts, to building nationwide infrastructure. Consortia, which include commercial, regulatory, and non- governmental policy participants, are taking up the baton where government directives leave off. While most attention has been paid to technical API definitions, there is a growing realization that governance issues such as data ownership, privacy, and responsibility in case of data breach will require a combination of compliance and consensual best practices. The first, soft deadlines for support of Open Banking regulations occurred in the past year. Hard deadlines for full implementation are pending in 2019, even as regulations continue to evolve. Regulatory development in different countries United Kingdom Europe The UK is the de facto leader in Open Banking driven by activist regulators providing detailed specifications and access requirements. The Open Banking Implementation Entity (OBIE) is responsible for creating relevant standards, under the governance of the Competition and Markets Authority (CMA) and in collaboration with banks, building societies, financial technology companies, third-party providers, and consumer groups. The standards cover the core components of technical specifications, security, customer experience, and conformance & certification.7 The second Payment Services Directive (PSD2) requires banks to open up their data to third-parties, causing a revolution in the payments domain. EU member states were expected to incorporate this directive into their national laws by 2018. However, there exists uncertainty surrounding many aspects of PSD2, such as API implementation and technical dissimilarities. The European Banking Authoritys Regulatory Technical Standards (RTS) only specify technical framework conditions related to payments (cards and e-wallets). Its next specification on the critical issues of strong customer authentication and secure standards of communication is to be released on 14 September, 2019. 8This, coupled with the absence of a pan-European implementation entity, has caused a significant gap affecting PSD2. The Swiss Open Finance API (SOFA), driven by the Swiss Fintech Innovation Association (SFTI), aims to implement standardized APIs for their Open Banking sector. The common standard will have huge implications and benefit the overall financial industry including customers.LendIt Fintech 7 | THE STATE OF OPEN BANKING lendit Nigel Verdon, CEO of Railsbank Imagine if the banking sector was as open to universal standards as the telecom industry, where typing a dozen digits on a phone places a call anywhere in the world. There is a tension between the global nature of financial services and local approaches to Open Banking regulation. Since consumer payments have common characteristics, why not strive for globally-standard APIs? Long-time industry executives expressed skepticism to LendIt that this will occur. Different locations possess different philosophies about the roles of government and free- market forces in driving innovation. With a related standard, ISO-20022 for financial transactions, the industry has arrived at variations by region while still implementing it worldwide.11 Similar variances in Open Banking could give advantage to the largest banks that can invest across regions, bias fintechs to focus on just one market initially,