Open Banking can be said as one of the most important developments in finance. The banks from DBS to Societe Generale and Wells Fargo have banking at the core of their strategies. At the same time, these regulatory and market changes with hundreds of Fintech startups leveraging on open banking are exploited by the new entrants in the last two years alone.
More than 100 Open Banking events and conferences will take place in the year 2020 only and thousands of articles will be written around this important topic. Still, most of the financial professionals will find it challenging to be part of the new trend because of the fast-changing nature of the industry and the complexity of the topic.
Centre for Finance, Technology, and Entrepreneurship (CFTE) announced the launch of the world’s first online specialization in “Open Banking & Platforms in Finance”. This is created in collaboration with the industry, and systemized through feedback from hundreds of industry experts worldwide. It is filled with essential knowledge to leverage and understand open banking. This specialization would help the professionals in applying it to their jobs by understanding open banking.
The specializations of CFTE which they had previously introduced focused on important game changers of the industry, such as Artificial Intelligence or Fintech. The new course is built around 5 subjects that help in unlocking a deeper understanding of each of the subtopics that fall under the open banking topic.
The 5 courses in which Open Banking specializes are:
- An Industry Overview of Open Banking
- Business Model and Implementation of New Entrants
- Business Model and the Transformation of Incumbents
- Regulation, Standards, and Operational Risks
- Technology and Security
Stephan Murer (Owner of Murer Consulting) said that, in today’s economy, the digital platform is one of the strongest forces. Without any doubt, it could be said that this would affect the banking industry in the form of Open Banking.
Despite there is some confusion regarding the current systematic uncertainties CFTE’s aim remains the same: to develop learners and ensure that they are well-positioned to embrace FinTech 2.0. This specialization would be a reflection of CFTE’s commitment to achieving its goal.