Fueling innovative software
July 15-18, 2019
Portland, OR

Democratizing fintech: Enabling financial services for all through open source banking

Edward Cable (Mifos Initiative)
5:05pm5:45pm Wednesday, July 17, 2019
Average rating: ****.
(4.50, 4 ratings)

Who is this presentation for?

  • CEOs, CTOs, IT managers, product managers, account executives, and those at startups trying to enter the banking or fintech space




While big data, AI, the cloud, smartphone ubiquity, national IDs, blockchain, and open banking are all making it easier for new financial services to be designed and delivered, there is still a critical barrier—core banking infrastructure. Outdated architecture, costly licenses, specialized consultants—all of these prohibit accessible financial services from being brought to scale. Mifos Initiative’s disruptive approach to open source banking is leveling the playing field and enabling new and incumbent players to take advantage of these powerful trends and transformative technologies.

Open source banking is the final piece. By providing a common technology infrastructure, open source banking can analyze that customer data finally made accessible via open banking, deliver a seamless banking experience via the mobile phone, harness the power of the cloud, connect into distributed ledger and digital payments, and more. Open source banking lowers costs, frees up IT teams to focus on innovation, and enables greater security and extensibility to new devices and delivery channels.

Edward Cable explores these enabling technologies through real-world case studies demonstrating how fintech companies and traditional financial institutions in the ecosystem are delivering new financial services on top of open source banking infrastructure and leveraging it as an accelerant of these new enabling technologies.

Case studies include:

  • Nigeria’s Mines.io, which is reaching the underbanked through its AI-powered digital credit solution
  • Novopay, which is serving millions through its Aadhar-linked mobile wallet
  • Credit unions and cooperatives worldwide that are replacing their legacy proprietary core banking infrastructure
  • Mojaloop, which is enabling a modern payment system and mobile money interoperability
  • The proliferation of branchless banking across Africa through companies like Musoni Services

Prerequisite knowledge

  • A general knowledge of financial services or fintech

What you'll learn

  • Learn why democratization of financial services matters and how critical it is to make financial services available to everyone, how fintechs and banks can leverage open source banking infrastructure to collaborate toward this democratization, and how to sell enterprise open source banking software both internally and externally, looking at lower total cost of ownership, faster time to market, and more impactful innovation
  • Understand how emerging technologies are enabling this democratization and how open source banking acts as an accelerant, multiplying the impact of these transformative technologies, fueling accessible fintech innovation
  • Gain practical knowledge in IT departments in adopting and innovating on top of open source core banking infrastructure and see how this frees up precious time and focus for customer-facing innovation
Photo of Edward Cable

Edward Cable

Mifos Initiative

Ed Cable is the president and CEO of the Mifos Initiative, a nonprofit initiative and global open source community building fintech solutions for the unbanked. A passionate change maker helping fuel poverty alleviation through financial inclusion, open source technology, and the power of community, Ed is a pioneer in catalyzing community growth and financial inclusion innovation.

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Liz Mccormack
07/29/2019 8:33am PDT

Thank you. Very informative.