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<\/a><\/p>\nMushwana noted that there are hundreds of entities playing in the financial space, many of which have been around for over 10 years.<\/p>\n
“We’ve been negotiating this environment for a long time. We’ve been sharing data internally using APIs for years – open banking is not as new as we think it is. ”<\/p>\n
What is being asked of banks now is to open up APIs to share data with other service providers in the market – which Mushwana believes will help create something better and beneficial for all stakeholders, but more importantly for customers.<\/p>\n
What is the difference between what Nedbank has been doing before and now? The main difference is the sharing of the data, and how to leverage this data.<\/p>\n
“It’s now faster, cheaper and easier to deploy financial services, so companies need to make better use of the data that is now easily shared,” she said.<\/p>\n
Through collaboration, financial institutions – the big players and new fintechs – can now address under-serviced customers and communities.<\/p>\n
According to Mushwana, Nedbank has released APIs for fintechs, because this one of the goals it wants to achieve, and it cannot do it alone.<\/p>\n
“It’s my view that the banks that accept this open banking challenge sooner rather than later – who adopt it into their business model – are the ones who are going to win,” she said.<\/p>\n
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