Open banking is disrupting the banking area but it can be perceived in two ways. Some banks interpret it the way that they just publish their open APIs that can third-party providers use. The second alternative is much wider and includes opening whole banking infrastructure for third parties. This makes it possible for them to develop innovative products for end customers.
Customers are getting the opportunity to use to use new applications along with internet banking that are not developed by their bank but third-party companies. We can see this as a nuw business model bringing added value.
FinTech Roadmap
For every area of FinTech, we create a strategic table in which we identify incoming trends, key factors, challenges, and comparison of the state in the Czech Republic to other countries to provide companies an overview on how to implement the newest technologies.
| Incoming trends | Key factors | Challenges | Comparison to other countries |
| Cloud solutions improve efficiency and scalability | Legacy infrastructures are hard to scale, cloud services ensure agility of products, self-maintenance of infrastructure may be costly | The frictionless transition from legacy to cloud | It is gradually beginning to appear in CR |
| Challenger banks are hitting profits | Starling is the firs on profitable, Revolut has broken-even | Keeping the profits while acquiring new clients | No challenger bank is Czech |
| Banks are using AI to detect money laundering activities | A substantial part of GDP is laundered every year, stricter fines | Reviewing the transactions is a complex process, keeping the good reputation | It is gradually beginning to appear in CR |
| Open X a banking ecosystems | New distribution channels, better customer experience and higher value-added, new customer needs, new technologies, regulations, competition | Making cooperation of FinTechs and banks more successful | It is gradually beginning to appear in CR, eg. KB Smart solutions |
| BigTech, challenger banks, and neobanks are entering the markets | Legacy business processes and high operational costs of traditional banks | Traditional banks should utilize their natural advantages, products should be more focused on customers | They are beginning to offer their product in CR |
| Banks could use the blockchain technology | Slow international settlements | This technology is still young and not enough regulated yet | This is mainly international |
News
- Low-code and No-code solutions in BFSI sector with MoroSystems CTO Radek Teichmann
- Cooperation with fintechs by KB SmartSolutions and how they did in 2022
- Conversational banking – delivering disruptive technology in a non-disruptive way
- Master of IT in Business
- Open Banking Expo Europe
- Islamic FinTech Leaders Summit 2022
- Webinar: Banking customer centricity with journey orchestration
- Estonian banking group Inbank enters the Czech market
- Future of Payments Summit 2022
- Why do banks and fintech companies enter metaverse?
Events
- FinTech Connect 2022
- The Complete Payments Ecosystem Represented
- Webinar: Banking customer centricity with journey orchestration
- FinovateFall 2022
- Finovate Edge: Back Office a Core Technology
- How to keep up with the card payments industry upstarts and capitalise on the opportunities
- FINTECH Meetup
- EFMA SME BANKING AWARDS 2021
- Global Payments Modernization at Scale through ISO 20022
- Paris FinTech Forum Communities
