FORGET OPEN BANKING -IT'S ALL ABOUT OPEN COMMERCE

摘要

IT IS INTERESTING that when we discuss innovation in finance, most of the conversation is about banking-as-a-service (BaaS), fintech and open banking. This conversation is coming from the wrong angle though - we should absolutely not be talking about open banking. Instead, we should be talking about open commerce. Why? Because the emphasis is different. BaaS, fintech and open banking are all focused on the supply side of offering financial services. Where is the focus on the demand side? More than this, the focus is on banking and finance. So, where is the focus on the customer? When you approach this from the customer's perspective, you realise that the whole supply and value chain is being turned upside down. It is more than business-to-business or business-to-consumer; it is everything from government to bank to business to citizen. When you step back and view it that way, you begin to think differently. How do government programmes integrate with bank services? How do bank services integrate with the corporate treasury? How is the corporate treasury providing efficiency to the business? How is the business providing capabilities to their customers? It is the whole supply and value chain. It is open commerce. It is everything.