The jobs needed in open banking

  • By Christine St Anne

Open banking will provide ample opportunities for the payments sector to evolve and innovate and with that will come a demand for a range of skills for the industry. 

With over ten years’ experience in payments, Western Union Business Solutions director of financial institutions Hayden Scown believes a range of skills from technical to digital to cybersecurity will be demanded by banks. 

“It is an exciting time to be in the payments market. As a business, we need to continually evolve and it is about finding the right people with a mix of payments, fintech, regulatory and data protection experience to flexibly navigate the open banking reforms,” Scown said.  

Technical expertise in regulation will be important. 

“Due to the high volume of changes to regulation and the complexity of aggregating legacy systems, there is a real need for technical experts in the industry right now, who can masterfully navigate open banking implementation.

“Technical complexity will always be a challenge because businesses usually don’t have the money required that they would like to invest in these areas, and good resources are few and far between.”

He also sees banks having to have a kind of digital transformation mindset and here people with a range of experiences will be sought. 

“Digital transformation is top of mind for Australian executives, and open banking is another means to disrupt financial services. 

“APIs give banks and fintechs the ability to re-think the way they do business. 

“You don’t necessarily need bankers or futurists, but you do want people from a range of different backgrounds, that can look at how businesses operate and what they offer, then create something new that is going to provide real value to the customer.” 

Skills in cyber security will also be important. 

“An open system needs a secure framework and architecture to ensure sensitive information is kept confidential. 

“With data security at the top of mind, it’s important that businesses recruit talent, that knows how to design and maintain security systems to keep confidentiality, which meet and exceed regulation expectations.” 

Organisational change will also be imperative to open banking and with that there will be demand for expertise in change management to drive initiatives such as cyber security. 

“Every layer of financial institutions will be affected by it and will need to re-think the way they operate, particularly in cyber security.  

“Cyber security has traditionally been allocated to the IT team, however as departments and teams are become more integrated and people are becoming more mobile in how they work, more vulnerabilities can be exposed across systems. 

“As a result, cyber security becomes the responsibility of everyone within a business. If the business deals with API data, the organisation needs to prioritise the safety of that data and communicate that effectively to the whole business.”