6 min read
Opinions expressed by Entrepreneur contributors are their own.
With an experience of over two decades in finance, Wissam Khoury leads APAC business as senior vice-president and general manager of Finastra. Entrepreneur APAC interacted with Khouri to understand his innovative open banking and digitization of the sector. Here’s what this fintech operator believes and has experienced throughout his journey.
Emerging fintech trends amid the pandemic
The pandemic has accelerated requirement of digitalization and brought the future forward, though even prior to the pandemic, the pace of digitalization was fast. The emergence of fintech has resulted in huge possibilities to share information with third parties. According to Khoury, “These possibilities are centred around the creation of smaller fintech organizations which can utilize this financial information in order to create user-friendly solutions which are targeted for several reasons.” Increasing customer satisfaction while ensuring competitiveness across financial services and creating innovative ways aimed at digitalization are worth mentioning.
In terms of trends, financial apps and collaboration to achieve goals of open banking will be witnessed in future. Khoury stated that open APIs enable data sharing to be executed in a secured manner. Hence, these APIs are essential for the effective mechanism of open banking. Moreover, the major trend which is likely to be seen in the period of two-three years would be the nature of collaboration between fintech and traditional incumbent banks.
Keeping aside the competition, the collaboration of two financial institutions has been looked over to derive fruitful outcome from open banking. Khoury pointed that fintech institutions have a key role in evolution of financial services and the solutions provided in the market.
Transition in the banking operations—5 years down the line
Banks have different considerations ranging from risk management, regulations and compliances which hinder them from