Published by Gbaf News
Posted on September 27, 2018
3 min readLast updated: January 21, 2026
Senior banking executives agree on the need to react fast to market changes and customer expectations
Oracle Financial Services has today released its latest report into the challenges presented by open banking and how senior executives at major banks are responding.
For Open Banking: The Race to Deliver Banking-as-a-Service, MIT Technology Review Insights interviewed senior executives directly involved with open banking from some of the world’s leading financial institutions including Citi, HSBC, ANZ, Standard Chartered Bank, 11:FS, N26 Group, BBVA and Sumitomo Mitsui Financial Group.
Key insights include:
HSBC’s head of innovation and strategic investment Frank Tong said: “Not reacting rapidly enough to open banking could result in another party, either a competitor bank or fintech, innovating more quickly and eroding trust or relationships.”
Claire Beatty, Editor for MIT Technology Review Insights and one of the authors of the report said: “While regulation usually plays a ‘catch-up’ role when it comes to technology, our interviews revealed a fascinating trend of regulators setting the pace for banking innovation. We’re seeing a strong collaboration between governments, regulators, incumbent players and fintechs to ensure the right framework is developed to give customers greater control over their data and provide a more seamless financial services user experience.”
Sonny Singh, SVP and general manager of Oracle Financial Services said: “Open banking is no longer an option, but an inevitable reality. Banks that tap into an expanding ecosystem of potential digital partners, embrace APIs and leverage cloud-ready solutions, will get ahead in the race to efficiently deliver a broad range of financial products and services to their customers.”
The process of designing customized APIs and exposing them for consumption can take between 12 to 24 months, depending on the complexity of the banks’ IT landscape. With a cloud-ready platform like Oracle Banking APIs, banks can tap into a prebuilt repository of more than 1,500 Representational State Transfer(REST) APIs.
Explore more articles in the Technology category
