Addressing conversion, transactional costs, time-to-market, overall complexity and who does what in the industry were among the key discussions had.
“What was surprising for many to hear was that due to Neonomics unifying the SCA process, our conversion rate is between 30-40% higher than the numbers posted by our competitors and 13% higher than recent reports on card payments conversion with SCA.” – Christoffer Andvig, CEO of Neonomics
There is a renewed sense of urgency as an increasing number of key stakeholders across the financial services ecosystem now have first-hand experience with the cost savings that open banking is enabling, while simultaneously realizing how that is being achieved without requiring costly and time-consuming technical efforts. Even with open banking being seen as a development in its infancy, the event featured another open banking player achieving unicorn status, major partnerships being announced, and an agenda packed with leading voices from open banking.
“With AIS and PIS calls growing steadily, the industry is starting to see points of differentiation that may have been more difficult to see prior to the pandemic. There is a technical disparity in the quality of the open banking tech stacks that are out there and as more stakeholders invest and leverage services in the space this differentiation will become increasingly evident.” – Elise Kirkhus, COO of Neonomics.