— Ashok Suppiah ,

CEO , Mitra Innovation

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We see that across various organisations in the UK and Europe . We ’ re also in Kenya , Southeast Asia and Australia which has adopted open banking .”

If banks fail to digitally transform the customer experience they offer efficiently , Suppiah warns that modern fintech organisations are primed to take over the market . “ In the finance sector , the primary driver is open banking and use of open APIs . With that , there ’ s a possibility to involve third parties . The second driver is : what can banks offer beyond the norms of basic offerings ?

We can already see Barclays , Lloyds , Santander and Royal Bank of Scotland ( RBS ) are well ahead in this field . If you are a user of one of those banks , you can look up your bank balance from other banks through the app itself – so the open API system is really coming together .”

A major challenge in the digital transformation of finance involves integrating many facets of business , such as loan origination , card services and insurance , before the entire business can be transformed .

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