Open banking “is a threat” for the fintech space
The remarks were made at Calcalist’s Mind the Tech 2022 in London by Nir Lifshitz, Head of Open Banking, Innovation & Pepper at Bank Leumi
Traditional banking is set to see innovation - and Israel’s Bank Leumi is trying to stay ahead of the game with its expansion into open banking and the ability for customers to share their financial data with third party applications.
“In Leumi, we see it as a great opportunity to start and engage with fintechs. We see it as a great opportunity to do it faster and more robustly, and bring more value to our customers by bringing them new products and automate complicated manual processes that we had,” explained Nir Lifshitz, Head of Open Banking, Innovation & Pepper at Bank Leumi.
According to Lifshitz, due to the regulation in Israel, banking customers can now share their financial data with third party applications and bring more value and more reach for their financial management. “It is a kind of threat, to be honest,” he continued. “But overall we think we can gain more value for the customers. In the end, we want our customers to be happy and enjoy the products that their bank can offer them and by using more applications, and by integrating those applications with the bank, I think there will be benefits for both sides and in the end the customer will conduct more business with the bank. That’s what we aim for.”
You can watch the entire exchange in the video above.