01 April 2022

How the «Open» Paradigm is Transforming Financial Ecosystems

In the recent years, the financial industry has been subject to major transformations. An example is the creation of new competitive spaces, in which collaborative and "open" innovation models have a decisive role in redefining the boundaries of the sector and creating value. In this view, Open Finance can be defined as an innovation model in which the ability to exchange data between different sources and subjects makes it possible to create new financial products and services that are based on platform models, which bring forth a number of competitive advantages.

In order to investigate this transformative phenomenon, The European House - Ambrosetti, in partnership with Fabrick and illimity, has realised the Strategic Study "How the «Open» paradigm is transforming financial ecosystems". The analyses carried out are to be considered a reference point, at the Italian and European level, about the opportunities for the actors introduced by the Open Finance paradigm, the trajectories of evolution in the wider context of the Data Economy, and the necessities of development in a systemic logic.

The research was developed over a year with the support of the Scientific Advisor Prof. Salvatore Rossi (Chairman of the Board of Directors, TIM S.p.A.; former General Manager, Bank of Italy; former Chairman, Institute for Insurance Supervision - IVASS) and through three round table discussions, organised with the involvement of the top management of leading Italian and European financial institutions, representatives of the main national regulatory bodies (Bank of Italy, Consob and IVASS), and stakeholders of the fintech ecosystem. The research also contains the outcomes of several interviews that were made with the participation of over 650 Italian and international actors.

The final results of the study and a number of proposals for developing the financial services ecosystem were presented at 33rd The European House - Ambrosetti's Workshop "The Outlook for the Economy and Finance" which took place at Villa d’Este in Cernobbio on April 1-2, 2022. The study will be soon available.