What does finance is open mean to you?

In this episode of Finastra TV, the leadership team, including Narendra Mistry (CPO), Swathy Parthasarathy (COO), and Keith Redding (CRO) of Universal Banking at Finastra, discuss the future of banking and open finance. They explore how traditional banks and fintechs are driving innovation and adapting to rapid changes in the financial landscape.

Keith highlights that traditional banks, while facing competition from neobanks and startups, are transforming by leveraging digital solutions and partnerships. Narendra adds that regulations are pushing traditional banks to open up their systems, fostering competition and innovation.

The team discusses the importance of APIs in creating seamless, secure data sharing and enhancing customer experiences. They emphasize the need for banks to harness data effectively, using technologies like Gen AI to drive business growth and efficiency.

Swathy and Narendra stress the significance of aligning people, culture, and mindset with technological advancements to ensure successful core banking transformations. They advocate for a modular approach and hybrid cloud solutions to modernize IT infrastructure while managing risks and maintaining agility.