- Apr 2, 2019
On March 6, 2019, Scotiabank hosted Markos Zachariadis, visiting Professor of FinTech at Ivey Business School, to deliver a lecture on open banking and the API economy. Professor Zachariadis introduced how technological innovation (FinTech) influences traditional banks to respond to the environmental change. He focused on the role of regulators in this change, i.e., how regulators push for a more fair playing field, breaking existing banks’ monopolies and giving a chance to new ventures to increase the benefit of the consumer. During the lecture, he illustrated how regulators in the UK ordered big UK banks to open up their data to third parties and how this change allowed new ventures to enter into the banking industry by delivering parts of the value chain of the banking service. Lastly, he gave implications for big banks, including Scotiabank, who potentially deal with the similar type of pressures.
View the presentation here (registration required).