Sharesight at Saxo Fintech Agility Conference 2018
Sharesight CEO Doug Morris was invited to sit on the panel discussion on ‘Open Banking in Australia’ at the ‘Saxo Fintech Agility Conference 2018 — Fintech 2.0 and Open Banking’ event in Sydney at fintech startup hub Stone and Chalk this week. He joined leaders from NAB Ventures, H2 Ventures, Reinventure, Volt Bank and YBF Ventures to discuss the future of Australian fintech and the impact of the Australian Government’s Open Banking Regime - which is set to begin in 2019.
Panel: Open Banking in Australia
On the panel Doug was joined by Rohen Sood, Investment Manager at Reinventure, and Lachlan Hughes, Investment Associate at NAB Ventures, to discuss the opportunities for both fintechs and investors in fintechs as a result of Australia’s Open Banking regime.
Key panel insights:
Doug Morris – Sharesight
“So I guess for us as a fintech operating ahead of the wave of open banking, you still need the consumer to want to use that data once it’s unlocked.”
“Once the data is available through open APIs, it will force the banks to innovate with that data.”
“Wherever possible, we prefer not to hold personal data as a fintech. We’re very conservative with the data we keep.”
Lachlan Hughes – NAB Ventures
“Open banking will be a catalytic event that opens up massive opportunities.”
“Banks are focused on just building the systems to enable open banking right now.”
“Think of the infrastructure vs the application layer, which will set off a virtuous cycle once the infrastructure exists.”
Rohen Sood – Reinventure
“The first pillar is consumer data rights.”
“Collaboration between fintechs and banks is more likely than collision.”
“Fintechs will need quite high level access to data, but that will not be tenable for most fintechs, who can’t carry the risk of holding that data.”
Sharesight and Open Banking in Australia
The team at Sharesight is passionate about Open Banking because we devote significant development resources to making it as easy as possible for investors to get their data into Sharesight – which is made next to impossible by financial institutions who have done their best to lock up that data.
With Open Banking changes coming into effect, we’re excited for investors (and fintechs) over the coming years, with the promise of new data aggregation tools, portfolio analysis, investment ideas, tax efficiencies, and cost savings to come.
We’d like to extend a huge thank you to Saxo for inviting us to participate in the panel, and to everyone who attended the event.