Major banks delaying open banking
One fintech leader has suggested that the open banking delay will continue due to the major banks not wanting to face the challenge.
Andy Taylor, chief executive of fintech Douugh, has said that major banks are bogged down by legacy systems, which was part of the challenge, but the skeptic in him had another thought.
“Who has the most to lose by open banking and it’s the majors, so are they going to want it quickly? Of course not,” he said.
Mr Taylor said that Douugh started life off as an innovation project for a major bank before expanding to the US due to its forwardness on open banking.
“We were almost forced to look into America because they were leading the way on open banking albeit it not through regulation. They just got on with it, which is interesting if you look at the state of America in financial services,” said Mr Taylor.
Douugh is getting ready for an ASX listing, thanks to a strategic partnership with Monex, and Mr Taylor believes listing will enable the company to access the best capital while staying in Australia.
“We want to stay in Australia and show the world that we can export good technology from this region. For us, it was the much better strategy,” he said.
Mr Taylor said that Douugh set out not to be a bank but instead be a true fintech focused on the customer from the very start.
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