EVENT: “Open Banking: Making the Revolution Work for Customers”
Tuesday 17th January, 9.00am-10.30am, Committee Room 14, House of Commons
- Chaired by Chi Onwurah MP (Vice-Chair, All Party Parliamentary Group on FinTech)
- Faith Reynolds (Independent Financial Services Consultant)
- Catherine McGrath (Managing Director, Barclays)
- Christopher Woolard (Director of Strategy and Competition, FCA)
- Sue Lewis (Chair, Financial Services Consumer Panel)
- Jason Bates (Co-Founder, 11:FS, Monzo Bank)
To register email Dominic.Lindley@newcityagenda.co.uk
New City Agenda are delighted to invite you to the launch of new research, supported by Barclays, examining how Open Banking could disrupt retail and SME banking markets, give rise to new types of financial services and bring benefits to consumers and SMEs. This event will explore how we can make this revolution work for customers.
Introducing Open Banking was one of the key recommendations of the Competition and Markets Authority’s inquiry into retail and SME banking. Open Banking will enable consumers and small businesses to share their data securely with other banks and with third parties. This will enable them to see all of their finances in one place, better understand their financial circumstances and compare between different providers to find the best deal.
Billions of pounds in revenues could be at stake. Open Banking provides the opportunity to radically disrupt the current banking system and could challenge the dynamics of power, improving competition and bringing real benefits to consumers and small businesses.
The research explores a number of challenges related to Open Banking. How do we ensure privacy and security whilst also making the services convenient for consumers? How can we give consumers control of their data? How do we give consumers the confidence and the digital capability to use Open Banking? What will these new Fintech business models look like and how will consumers pay for them?
This is the first event in a research programme inspired by Andy Haldane’s speech to the New City Agenda annual dinner – “Bridging the Great Divide” examining how we can restore trust and establish and communicate the purpose of the financial services industry.
Faith Reynolds works as an independent consultant. She is a member of the Financial Services Consumer Panel, where she chairs the EU Working Group, and leads work on technology and innovation. Faith is also a member of the PSR’s Payments Strategy Forum, offering a consumer perspective on the developing strategy. Previously, she established Toynbee Hall’s financial inclusion services in the heart of London’s East End and did research for the Institute of Government.
Catherine McGrath is Managing Director (Transaction, Insurance and Mass Market) at Barclays. She is a New Zealander who has spent the majority of her career in financial services in the UK. She is currently leading the Transactions, Insurance and Mass Market businesses for the Barclays personal bank, having returned from NZ in 2013 where she was Chief Executive, Customer Markets and Products for ASB Bank. Prior to ASB, Catherine worked at Lloyds TSB where she ran the legal and risk function for the retail bank, and then led the current account business. Catherine also worked at the Prudential where she launched PruHealth – an innovative health insurer as its Chief Executive. She also worked at ITV Digital and for National Australia Bank both in the UK and New Zealand.
Christopher Woolard is Director of Strategy and Competition, and an Executive Board Member at the FCA. He is responsible for policy, strategy, competition, consumer issues, the Chief Economist’s department, communications, data and market intelligence. He is chair of the FCA’s Policy Steering Committee and a non-executive board member of the Payment Systems Regulator. Prior to this Christopher was Group Director and Content Board member at Ofcom. He has spent most of his career in regulation or policy development including working at the BBC and as a senior civil servant at the DTI. He is a Sloan Fellow of London Business School.
Sue Lewis chairs the Financial Services Consumer Panel, an independent statutory body that advises the FCA on consumer issues in financial services policy and regulation. She is a Trustee of the People’s Pension, and of UK national charity StepChange. Sue also sits on the Professional Standards Board of both the Chartered Insurance Institute and Chartered Banker. Sue was formerly a senior civil servant, advising government ministers on a range of policy issues including financial consumer protection, financial capability, early years, children and young people, and gender equality.
Jason Bates co-founded Starling and Monzo, two new digital banks in the UK. As Chief Customer officer he lead product and proposition development: interviewing customers; building the team, brand, and smartphone app; and working with the regulators to build next generation banks that truly serve the end customer. Jason went on to co-found 11:FS a new breed of Fintech consultancy that is helping banks across the world become truly digital (rather than just digitising their traditional products).