(18 August 2021 – Australia) NAB has partnered Amazon Web Services (AWS), CIBC, NatWest and Itaú Unibanco to launch the Global Open Finance Challenge for the development of new solutions for their customers.
NAB launched the event and is hiring engineers across Australia. The challenge will pit app developers against each other in a “sandbox” environment set-up by Oolys, replicating the bank's existing infrastructure. The rival teams will test, build and validate new open banking solutions with mentorship from leaders within the banks and event partners.
The top twelve teams will present their ideas to an executive judging panel with the CEOs of the four groups, plus executives from private equity, venture capital, and technology organisations. The initiative is designed to position the Banks strongly for keeping pace with financial services companies across the globe undergoing rapid digital transformation. The challenge involves a virtual event with the aim of bolstering new and innovative solutions for the global open finance ecosystem. Event registration is open from August 16th with a grand finale event taking place in November 2021 with one winner for each of the following three key areas and an overall Challenge winner selected:
- How can we better serve our corporate and business customers, and the public at large, by delivering high-value digital services?
- How can we help current and new customers access banking services through more convenient or relevant digital channels?
- How can we find innovative ways to help our customers make better decisions around climate and sustainability?
The leading cloud computing company, Amazon Web Service (AWS), will also be working with the banks involved in this initiative primarily assisting with the global roll out of new customer solutions developed by savvy innovators and entrepreneurs. Financial technology companies, large businesses and innovators are encouraged to join this initiative for the benefit of developing open finance solutions. Developments will primarily be focused on secure data sharing among financial institutions, customised product choice for corporate clients and large-scale distribution of new products worldwide.
“The Global Open Finance Challenge will help transform our industry around the world by encouraging innovation and advancing our common goals: to support our clients in an evolving landscape through value-added digital services, more convenient access to the financial ecosystem through the channels customers want, and a continued focus on sustainability” Victor Dodig, President and CEO of CIBC, Milton Maluhy Filho, CEO of Itaú Unibanco, Ross McEwan, Group CEO of NAB and Alison Rose, CEO of NatWest Group, said in a joint statement.
“A competitive and innovative financial services industry is critical to ensuring great customer outcomes, with opportunities for further innovation and to establish new business models” stated NAB Group CEO Ross McEwan.
“Collaboration between established financial services providers, big tech and fintechs has never been more important, as we respond to rapidly changing customer needs and expectations. This event will open up new ideas, drawing from a global talent pool, which could provide significant benefits for our customers” Mr McEwan added.
“As the past year has shown, it has never been more important to work collaboratively, across borders, and we are proud to launch the global open finance challenge. By bringing together financial services firms and global innovators we will continue to create great outcomes for people, families and businesses, helping them to thrive as we recover and rebuild” commented NatWest CEO, Alison Rose
“Financial services companies across the globe are going through rapid digital transformation. By encouraging builders and crowdsourcing new technological ideas, these forward-looking banks running the Global Open Finance Challenge will be able to develop new technologies to meet people’s rapidly evolving banking needs. We look forward to collaborating with the builders in the challenge to deliver tangible solutions that help people around the world meet their financial goals” commented Amazon CTO Werner Vogels.