Since the 2008 financial crash, the last decade has seen a huge regulatory shift to a far more open financial marketplace. Chief strategy officer (CSO) and member of the executive committee at Intellect Design Arena Banesh Prabhu shares his insights on how the banking industry’s architecture has changed since 2008, and how it’s shaping up against the incumbent Big Techs.
- We’ve gone from banking products to offerings centered around the customer experience.
- “Path-breaking open banking” mandates have created an open architecture which the traditional banks need to slowly modify.
- There needs to be a balance between protection and openness of the financial services system.
- Big Tech companies such as Google, Amazon, Facebook and Apple (GAFAs) are going through some of same changes as banks, dealing with their own legacy infrastructures.