The next major shift in the banking industry is one from open banking to embedded banking.
Apidays, the leading API (Application Programming Interface) and programmable economy global conference series, today unveiled the schedule for its upcoming London event. More than 2000 attendees from 650 companies are expected to join the virtual event, being held on 27th and 28th October, 2020, which will explore the shift from Open Banking to Embedded Banking.
According to a World Economic Forum advisor, the market potential for embedded finance will be worth over $7 trillion in ten years' time, twice the combined value of the world’s top 30 banks. It will also double the value of the current finance market worldwide from $3,6 Trillion to $7,2 Trillion, creating a monumental opportunity for both traditional players and Fintechs.
“The next major shift in the banking industry is one from open banking to embedded banking. We want to access banking services not where they are, but where we are,” explains Mehdi Medjaoui, Founder of Apidays. “It is up to the bank to adapt to modern, multichannel customer journeys. This new demand, combined with the emergence of innovative software technologies, is creating a fresh form of finance that is embedded and decentralised through APIs that allow your bank services and your data to end up on third-party applications. This is going to require a huge change in not only culture but also practices.”
The UK is uniquely poised to lead the way. The UK is home to more fintech unicorns than any other European nation and in 2019, accounted for 83% of all fintech funding in Europe. Secondly, the UK has a unique culture of banking innovation and a legal open banking standardised API infrastructure ready to scale and third and finally, the country has one of the most favourable regulatory regimes in the world. The Financial Conduct Authority (FCA) works closely with innovators to help them navigate the complex, regulatory landscape and to bring their services to market faster than most other nations.
A number of key players in banking and finance, as well as observers from the wider ecosystem, will be exploring the shift from open banking to embedded finance at apidays London. Key presentations include:
Simon Torrance, Finance advisor at the World Economic Forum
Hakan Eroglu, Global Open Banking Lead at Mastercard
Jason Kobus, Managing Director, Platform Strategy, Silicon Valley Bank
Abid Mumtaz, Global head of Transferwise for Banks
John Phenix, Lead API Architect at HSBC
Koen Adolfs, Lead Product Owner|Open Banking & Enterprise Integration at ABN Amro
Alvaro Acevedo, API product manager at SWIFT
Alexei Akimov, Head of APIs at Adyen
Florian Graillot, VC at Astoria
Chirine Ben Zaied-Bourgerie, Innovation Director at Finastra
Stijn Pieper, Product lead at Revolut
Paul Rohan, Author of Open Banking Strategy Formation, Head of Business Strategy and Finance at Google Cloud
Mark Boyd, Author of Banking APIs State of the Market
For more information and to sign up to the event: https://www.apidays.co/london/
Apidays is the world's largest organiser of conferences around the theme of APIs and the programmable economy. Imagined by Mehdi Medjaoui, the series was kicked off in Paris in 2012 and since then has rolled out to 13 countries and attracted more than 2,000 speakers and 30 000 participants. Mehdi is a software entrepreneur, H2020 expert at the European Commission, author, lecturer and visiting professor at HEC and EM Lyon and international consultant on the subject of "Programmable Economy".
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