After the launch of NTT DATA’s Platea Banking Platform earlier this year, NTT DATA hosted a virtual event, Open up the Future: The Open Banking Summit 2021. Here, insights around impact, capabilities and the future of Open Banking in the LATAM region were discussed amongst key partners and clients in the region.
The key representatives heading the talks were: Manuel Romero, Global Head of NTT DATA’s Open Banking Practice; Esther F. Mendez, Banking & Payments Partner Development Lead at Amazon Web Services Worldwide Financial Services; Edgardo Torres-Callabero, Managing Director for LATAM at Mambu; Emmanuel Got, Head of Business Development at Banco Sabadell Mexico and Patricio Santelices, CEO at Transbank.
The speakers were recognisable members of the financial community, with a high degree of expertise in Open Banking across the LATAM region. They covered a variety of topics that attendees could learn from. There were also opportunities for banks to talk freely during the summit about their transformation journey in digital and open banking practices, leveraging the experts at hand.
What were the key topics discussed during the Virtual Summit?
Impact of regulations on the Banking sector in LATAM
In recent years, Latin American banking and financial regulations have enabled the region to grow in maturity. Moving from a period of monolithic banking models to a time where financial inclusivity, competition and innovation are encouraged, banks are able to take full advantage of the possibilities in Open Banking. During the summit, key questions around the impact of regulations on the banking sector and how regulations can facilitate Open Banking were discussed by the representatives.
How cloud and other technologies can support the transition to Open Banking
As banks continue to take advantage of Open Banking platforms and steer away from legacy systems, they must harness the available technology in order to compete. In regions like LATAM, it is especially important for Open Banking platforms to take into account the obstacles to implementing technologies. Therefore, flexibility is key. The cloud-native architecture of the Platea Banking platform, for example, gives banks the ability to grow at their own pace and develop their digital platforms in ways that suit them. This helps reduce the friction when transitioning to new technologies and offers a clearer path to launching a new digital service.
How to take advantage of growth opportunities in the region
The future of Open Banking in LATAM is bright. Growing access to the internet and the continual growth of smartphone users means Open Banking opportunities in the LATAM region has its place. However, it doesn’t go unnoticed that inequalities and low financial inclusion in LATAM are still areas of concern and how Open Banking can help address these issues was a topic of discussion during the virtual summit.
Though it might be easy to think of Open Banking as merely a solution for compliance-driven banks, at NTT DATA we have a much broader vision for Open Banking. It marks the end of legacy models and equips financial institutions with the technologies they need to compete with new digital players. As the definition of Open Banking continues to expand, it paves the way for sustainable growth in regions like LATAM that have once lacked in maturity and stability.