Open banking, a global trend driving Asian financial services

David Fergusson, CEO of Atlas Consolidated, to deliver a masterclass on open banking trends at Asian Banking & Finance Summit.

“Open banking is a new trend around the world that’s sweeping Europe and the United States, and it’s fast becoming a huge driver of the financial services in Asia.”

That statement, in itself, from Atlas Consolidated CEO and Co-founder David Fergusson is the reason why he is being featured in the upcoming Asian Banking & Finance Summit in Singapore this month.

The event has always been a pulse of the industry, the trends that pull banking in a certain direction and the future envisioned by financial sector leaders.

It is in this context that Fergusson, who bears nearly 30 years of experience in the financial industry, is called to highlight the global significance of open banking and its rapid adoption as a major force in the Asian financial services industry.

“Open banking to us, in terms of our definition, is the disaggregation of all different components of the Financial Services value chain and reaggregation into products and services that people want,” he told the magazine.

In this concise definition, one can see how open banking plays the role of breaking down and reassembling the financial services value chain to meet consumer preferences.

Fergusson, who is expected to draw a big crowd at the summit, has established Atlas Consolidated at the forefront of open banking and open banking technology.

Speaking with Asian Banking & Finance, he said he is eager to shed light on this emerging trend during the upcoming conference, emphasising its significance in the global financial services sector yet remains somewhat misunderstood.

Fergusson explained that at the heart of open banking lies the consumer, with the goal of providing products that meet their needs and leveraging data analysis to adapt to changing consumer behavior.

“We’re putting the consumer at the centre of banking products, allowing them to react to consumer needs by analyzing data,” he said. This approach simplifies the process, allowing banks to construct their product offerings like building blocks thereby enhancing customer-centricity.

During his presentation, Fergusson aims to clarify the concept of open banking, underlining its immediacy and importance. He seeks to help attendees fully understand the subject, emphasising the need for strategic decisions in the context of open banking.

Fergusson emphasised that businesses must act promptly to adopt open banking strategies or risk lagging behind, as consumers increasingly favor companies that have embraced this transformative trend.

“Open banking is here. It’s now. I want to help people seek clarity on the subject matter and appreciate that they’ve got to make decisions with respect to their strategies,” he said.

For those eager to remain at the forefront of financial innovation, Fergusson's presentation is a must-attend event at the upcoming summit.