Open Banking for startups and SMEs: opportunities, scenarios and simplification for greater accessibility
Education, accessibility, innovation and awareness in finance to support Italian businesses: these were the main topics discussed today at CNEL at a meeting organized by startup EasyPol and the Business and Consumer Observatory, under the sponsorship of thePayment Services Providers Association, withOpen Banking as a support tool for startups and small and medium-sized businesses as the main thread.
Speakers included EasyPol CEO and co-founder Matteo Preziotti, OIC Operations Chair Raffaella Grisafi, APSP President Prof. Maurizio Pimpinella and S.H.A.R.E. President Giuseppe Gulino.
The discussion was moderated by Francesco Condoluci, editor-in-chief of Economy Magazine and communications adviser to the Ministry of Institutional Reform and Regulatory Simplification.
Starting with a study conducted by Experian, it shows that 39 percent of companies internationally have already decided to invest in Open Banking and an overall 47 percent that are in the process of doing so within a time frame of 12 months to the next 5 years.
Of all the companies surveyed, 52 percent are noticing significant development in their respective Open Banking projects, which, primarily, involve payment services (66 percent) and personal finance management (61 percent).
The discussion went on to touch on various aspects of technology applied to finance: from imparting financial basics in an educational form to the accessibility of tools such as apps and the like. But also innovation, such as future payment methodologies. Finally, awareness was also discussed and how important it is today to have a clear picture of one's financial situation, both for businesses and consumers.
Matteo Preziotti, CEO and co-founder of EasyPol, says:
"Often in fintech, during a development process, we are very focused on technological innovation, with the goal of producing and releasing extremely advanced and increasingly innovative products. But, in my opinion, we should also focus equally on the accessibility of these technologies and on making fintech products intuitive and easy to use for everyone.
When we talk about fintech, we touch on two big issues, especially here in Italy: technology and finance. The data tell us that we Italians have a big gap in both compared to Europe, both in terms of financial education and digitization, and this is where we need to intervene.We need to reduce this gap, through the simplification of financial concepts and the simplification of the use of technology, offering the user an intuitive, easy and fast experience ".
Raffaella Grisafi, OIC Operations Chair, adds:
"We are convinced that in the process of innovation it is important to take into account the real reference scenario in which a strategic role is played by consumers and businesses: this is a human capital that, thanks above all to a constant cultural stimulus, does not simply consume services but can make them possible by participating proactively and consciously. In this sense, a fundamental role is played by the dissemination of a financial culture to be made increasingly familiar and close to everyday needs and possibilities. So we welcome for OIC initiatives in which interest is shown in a multivoiced reflection on which, the contribution that everyone can make on stimulating but complex topics such as those related to Fintech, can only help to make innovation sustainable, inclusive and concretely achievable."
Prof. Maurizio Pimpinella, APSP president, concludes:
"The PSD2 legislation is a great opportunity for both consumers and businesses. Increased competition and the massive advent of technology in the financial sector has brought clear benefits to both of these players, who can now benefit from new and increasingly efficient services that greatly simplify day-to-day activities by making dealing with financial instruments and evolved collection and payment procedures more immediate, familiar and convenient."
