Oliver Wyman's Shrikant Patil to join panel at ABF Digital & Open Banking Conference 2019

He will discuss how to drive innovative business models based on open data and open banking.

Shrikant Patil is an Associate Partner with digital practice at Oliver Wyman’s Singapore office. As a leading digital and fintech expert in AP, his passion is rooted in building strong digital partnerships and ecosystems across industries. Shrikant’s expertise is deeply involved in business and digital strategy and transformation, developing B2B2C business models enabled by digitally interconnected economy, and establishing digital ventures like digital or virtual banks.

Assisting banks, insurance companies, IT services and government ministries, some of Shrikant’s research interests include business topics such as innovative digital business models in payments, lending, as well as emerging technology topics such as AI, voice commerce, open APIs and Blockchain.

When talking about innovation in financial services industry, Shrikant has designed and set up new-age digital ventures including fintechs and GovTechs, as well as innovation think tanks or digital centres of excellence for traditional corporations. He also conducts innovation workshops for CxO suite of companies aspiring to be digital leaders.

Holding a Bachelor of Electrical Engineering from VJTI Mumbai, Shrikant also earned a Master’s degree in Finance from Mumbai University and an Executive MBA from INSEAD, Singapore. He is on the board of industry committee for a leading fintech programme in Asia Pacific and a mentor at a global blockchain incubator.

Shrikant had a chat with Asian Banking & Finance to discuss his extensive work experience in the region, as well as why open banking will become the cornerstone of the industry’s digital revolution.

What are your previous experiences and positions held that contributed to who you are as a banker/expert today?

I have been at the core of conceptualising and building multiple digital / virtual banks across the region. Also, I have been part of three to four open banking programmes across the globe, including interaction with regulators and designing of co-creation sandbox. I have extensively contributed to solutions for B2B2C digital models and built strategic digital partnerships and ecosystems. This experience gives me immense opportunity to bring broader perspective to the forum.

What would you say are the best practices and digital strategies deployed by the region's digitally dominant banks? Where does open banking fit in this agenda and how should banks capture the opportunities from this growing ecosystem?

In my opinion, open banking is a subset of a larger revolution that is embracing the world and transforming our digital lives like never before. This revolution is called open finance or open data. Alibaba founder Jack Ma had highlighted this in Davos last year; as we move from physical transactions to digital user journeys we need collaboration across organisations to address unmet needs. With ~ 54 % of global population having access to internet in 2021, the rate of change is be exponential. Open banking thus becomes the cornerstone of future digital business models, including digital/virtual bank or ecosystem build. Incumbent banks across the world and including Asia Pacific must swiftly act to defend their turf with neo banks. They need structured approach with clear strategy in place to adapt open banking and ecosystem that helps them build robust digital native capabilities and adapt new ways of working. Financial institutions should operates as a lean digital venture over a slow moving monolithic corporation.

Can you give us a glimpse of what you will share at the ABF Digital & Open Banking Conference 2019?

As open banking and ecosystem is a globally relevant topic and I drive that across APR. The title of my session will be “Open Banking – Cornerstone of New Digital.” I will highlight global trends, regulation in open data and the emerging digital business models around it. I will cover innovative case studies to highlight the potential impact of adapting open banking. Based on our strong experience in delivering similar programs, I will be sharing key challenges and practical milestones for moving forward for banks and financial institutions.

The ABF Digital & Open Banking Conference 2019 will take place on 22 October in Singapore. To learn more about the event, click here. To register, click here. For inquiries, you may contact Andrea at [email protected] or at +65 3158 1386 ext 212