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In an interview with Open Banking Excellence at Money 20/20 Europe, Allica Bank’s CEO Richard Davies discusses the evolution of Open Banking over the past five years, drawing parallels to the widespread adoption of contactless payments. Just as contactless revolutionised the way we pay, Richard hopes Open Banking will progress in the same way.
Richard explains Allica's approach to implementing Open Banking and highlighted two key user cases. The first is lending, specifically focused on established businesses. Allica Bank aims to streamline the lending process for businesses, reducing the time it takes for them to access finance.
The second user case involves savings. Richard mentioned that there is around £250 billion in SME savings in the UK, most of which is earning little to no interest. Given that the Bank of England Base Rate is, at the time of writing, 5%, Richard says that banks aren’t providing fair returns to customers. He sees an opportunity for Allica to use Open Banking to help established businesses get a better return on their savings.
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