Open banking is forcing banks to rethink their business models and decide whether they want to be manufacturers or distributors of financial products or both, said Kanika Hope, Chief Strategy Officer at Temenos.
Europe is ahead of open banking regulations, so it was interesting to hear Hope and banking consultants and the tech lead at Blueshore Financial in Canada discuss the concept and what it means for FIs and fintechs. Temenos has operated an app store for several years, a concept that is slowly expanding among some fintech challengers in the U.S., although not among the legacy core systems vendors
