Welcome to Cybus 2018! I’m Des Blanchfield, and I had the pleasure of sitting down with Adam Gable, the product director at Temenos, to discuss the latest trends and challenges in the banking industry. In this blog post, we’ll delve into the insightful conversation we had about open banking, risk management, and the role of artificial intelligence in shaping the future of banking.
Introducing Adam Gable and Temenos
Before we jump into the details, let’s briefly introduce Adam Gable and his role at Temenos. As the product director, Adam oversees extensible risk products, financial crime, treasury, and financial risk management at Temenos.
The Impact of Open Banking
During our conversation, Adam highlighted the significance of open banking and its impact on the banking industry. Here are some key takeaways from our discussion:
- Europe has been pioneering the way with PSD2, while the UK’s CMA has gone further by allowing more products and services to be offered through open banking channels.
- Hong Kong is set to deploy the first phase of APIs early next year, and Australia is looking to start open banking in July 2019.
- Open banking is changing the value chain by offering more convenience to consumers and improving competition in the industry.
Managing Risk in Open Banking
As open banking introduces new participants and opportunities, it also brings forth new fraud risks. Adam emphasized the importance of managing these risks effectively to deliver a better user experience to customers. Here are some key insights on managing risk in open banking:
- The European Banking Association has set regulatory technical standards that mandate banks to implement transaction monitoring and anti-fraud systems.
- Banks need to manage fraud risk and reputation damage while leveraging the opportunities presented by open banking.
The Role of Artificial Intelligence
We also discussed the role of artificial intelligence (AI) in addressing business problems and enhancing operational efficiencies in banking. Here’s what we learned about AI and its relevance in the banking landscape:
- AI, including machine learning and robotic process automation, can drive a better user experience, enhance detection, and improve operational efficiencies.
- Temenos has ramped up its investment in AI and launched an AI center to develop solutions and expertise in this area.
Wrapping Up
It was truly an honor to gain insights from Adam Gable and the team at Temenos during Cybus 2018. The future of banking is undoubtedly shaped by open banking, effective risk management, and the integration of AI technologies. We look forward to witnessing the innovative solutions and advancements that will emerge from the banking industry in the coming years.
Stay tuned for more updates and insights from the world of banking. Thank you for joining us at Cybus 2018!
In this blog post, we’ve captured the key highlights of our conversation with Adam Gable, ensuring that the content is easy to read and optimized for SEO. We’ve used subheadings to organize the information and bullet points to present key insights, making it easier for readers to grasp the content.
