Open Banking – a used or missed opportunity for the development of financial products?

Source: CRIF Poland

On September 23, SME Banking Club, together with CRIF Poland, held a webinar on Open Banking – a used or missed opportunity for the development of financial products.

At the beginning of the webinar Olena Gryniuk (SME Banking Club) noted that from September 2019 due to the PSD2 regulation, the banks are obliged to publish opening APIs to TPPs. The main advantage that Open Banking provides – data sharing – should have become an innovation trigger. Is this the case?

Olena Gryniuk mentioned that for the business customers account aggregation was implemented by less than 10% of the banks in the CEE region. In turn, 25% of the banks in the CEE region offer open APIs to their customers.

Kamil Gosławski (CRIF Poland) continued the webinar by sharing CRIF Poland’s experience in Open Banking. Kamil noted three types of Open Banking services CRIF Poland has licenses for AIS (Account Information Service), PIS (Payment Initiation Service), and CAF (Confirmation of the Availability of Funds), which provided a range of possibilities for using Open Banking.

The customer/end user can use open banking capabilities via the banking web portal or mobile application to:

  • get an insight into a balance and history of transactions,
  • make transfers.

The financial institutions/banks use Open Banking to confirm customer’s:

  • creditworthiness,
  • identity.

Of course, customers should give their consent on that.

After that Kamil Gosławski showed a list of leading banks in the area of Open Banking in Poland and use cases of open banking usage.

Implementation of the PSD2 directive – Open Banking in banks and other financial institutions will take place in 4 stages that may interpenetrate:

1. Focusing on API implementation and compliance issues.

2. Searching the ways to “monetize” the possibilities offered by Open Banking, including offering premium services.

3. Taking an active role as an AISP/PISP player by creating new products and services based on both their products and those offered by third parties to provide personalized services to customers.

4. A new business model – bank-as-a-service based on data analytics.

In the next part of the webinar, Anna Kowalik gave an example of Azimut Marketplace – a fully-fledged digital marketplace for SMEs – which they launched with their customer in the Italian and Spanish markets.

As of now 95% of requests/calls to Open APIs comes from individual customers and only 5% – from business customers. In the following Q&A session, Olena discussed with Kamil and Anna what should be done to extend Open Banking services for business customers, and what are the challenges and opportunities.


Watch the webinar recording to learn more: