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OPEN BANKING, BANKING-AS-A-SERVICE, DATA & PRIVACY

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OPEN BANKING, BANKING-AS-A-SERVICE, DATA & PRIVACY: A TEMPLATE FOR THE 2020s
Case studies: Clearbank, Fidor and Solarisbank.

The emergence of banking-as-a-service will underpin new offerings for the SME sector. Players include ClearBank, Fidor Bank and solarisBank. And it's not all about the technology: culture is key

In 2019, Goldman Sachs CFO Marty Chavez pointed in the direction of the bank's future. "I cannot say it enough; it is going in the direction of who produces APIs and who consumes them." Chavez had been in charge of building Goldman's APIs since 2017, but it's just this year that Goldman Sachs is stepping decisively into a new role as a banking-as-a-service provider.

'Unlock 150 years of financial expertise by embedding our developer services into your ecosystem,' comes the promise Goldman Sachs, which has for several years been moving into consumer and corporate banking. Hari Moorthy, global head of transactions for Goldman Sachs, said the bank wants to provide the infrastructure on top of which its clients can issue their own digital wallets and other services. "We are trying to create a new industry by integrating our services into their businesses so they can cater to their clients as if we had them," he said in late October of 2020.

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