In Episode 7 of FinTexcellent™, Georg Ramstad, Head of Open Banking sales at Nets in Norway, discusses the opportunities to companies in Open Banking (recorded 4th Sep 2020, during the pandemic, from Georges cellar in Norway :) 

In 2016, Georg quickly realised the huge potential of Open Banking in the industry. Today he is responsible for international sales and business development for Nets Open Banking initiative. Georg sees open banking as a marathon, not a sprint, and could take the better part of 10 years before we really start to see  the BIG influence of open banking. 

Georg would say the biggest lesson in his career so far, would be to find something that you really enjoy and stick with it, and of course that it helps if its something with a global movement like open banking can help innovate services in the finance industry. Where the Nordics are one of the most progressive geographies in payments. Where collaboration across banks, and a compact population as helped to advance in this segment. 

Future trends:

For future trends, without realising, payments form part of almost everything we do, every day, so what can we do to make that experience as frictionless as possible. And that is something that will continue to drive us forwards. Combined with finding ways to use information of payment habits / payment history fore more than just advertising with say Google and Facebook. How can we make better decisions? How can we create better experiences? 

e.g., if saving with an account to buy a bicycle in the future, what if the bank actually knew that and could help nearer the time to help you to get the best deal at the time, e.g. best price, where to get it, checking out personal ads. (Proactive banking help, instead of reactive banking e.g. if you look like you are going to become overdrawn.

Georg's advice:

We are living in a "beta age", don't wait for perfection, go out there and test it. O start doing stuff otherwise somebody else will before you given the pace of new innovations.

More Info on Nets:

At Nets, they deliver great payments, a great network and great ideas, carried out by great people. As a Nordic FinTech company specialised in powering digital payments, Nets connect banks, businesses, the public sector and consumers via an international network facilitating digital payments.

To find out more visit here:  http://www.nets.eu

Twitter: @netsgroup

Contact Georg:

You can find Georg and more of his content here:

Linkedin: https://www.linkedin.com/in/georgolavramstad/

Gerog's videos: https://vimeo.com/fintalk