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Eleni Coldrey, Business Development Director – EMEA, Equinix at Open Banking Expo 2019

What’s next now that we’re beyond compliance in the UK. So listening to the buying sandwich’ fintechs and the key service providers as to where their focus is going to be going into 2020, I think you know we’re going to be hearing a lot about how we drive customer adoption and in order for that, to really take Off we’re going to have to make sure that the end-user experience is is really performant and so themes around securing the open banking process and creating a really robust and resilient infrastructure that it can rely on are going to be key both in the retail space for Consumers, but also, interestingly, into the corporate space Equinix is the global leader in data centers.

We operate colocation and interconnection services and across our global platform we have over twelve hundred and fifty financial services companies and we hear from them on a daily basis that they’re looking to expand their ecosystems and clearly open banking is a key part of that. So we’re interested in understanding who our customers need to connect to what technology partners, what FinTech partners and bringing them together in a in a performant, secure environment.

It combines both the legacy technology platforms of the incumbents plus the cloud native environments of the FinTech players that are bringing innovative solutions to the market, so we’re effectively acting as a bridge between the old and the new world to enable the new generation of banking and Payment services, including an open banking, that’s an interesting question: Equinix is a global player, and so we see different trends emerging in the different regions we play in across the Americas across amia and over into Asia.

Pacific to drivers for open banking are different here. It’s a very compliance, driven and PSD to regulation and in other territories, it’s more driven by the industry itself as a strategic advantage, something that they actively want to pursue to differentiate themselves in the banking sector, for example. So we see some really interesting initiatives popping up in the US. I think Asia is a key market for seeing a lot of the innovation, particularly given the digital adoption at the consumer level, so um.

So, yes, it’s it’s an interesting worldwide picture, but I think every region is learning from each other. I’m sure there’s many predictions out there in terms of what we might expect in 2020. I think we’re going to see continued investments in enhancing the existing platforms in the banking sector. There’s still a way to go in terms of managing the the massive data that our incumbent banks, holes and once that is managed, then we can start to see interesting use cases around data analysis, so artificial intelligence and machine learning.

So I think that will be a key topic for the banking sector and that will continue to push into cloud adoption. And then I think in the FinTech space were already seeing some interesting use cases Ropin banking. But for me the real ones to read will be in the corporate and the SME space to see how that innovation really plugs into production environments and how corporates can really start leveraging the data and the insights that that the sector can offer them.

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By Jimmy Dagger

Find out my interests on my awesome blog!

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