Dave Scola, CEO of Form3 U.S., emphasizes the evolving dynamics of the banking and financial services sector, highlighting the growing importance of collaboration between traditional banks and digital disruptors. Speaking in a conversation with PYMNTS on the changing financial services landscape, Scola notes that while the pandemic has accelerated trends such as contactless payments and online banking, face-to-face interactions still hold significance for high-value transactions. Banks are keen to maintain these in-person interactions to capitalize on cross-selling opportunities, even as digital channels continue to expand.
Scola underscores the significance of technical integration, particularly through APIs, to meet the increasing demands of consumers for personalized and omnichannel experiences. Open banking, although evolving differently in the U.S. compared to Europe, is being driven by consumer demand for data control and transparency. Enhanced fraud defenses are crucial in fostering trust, especially with the shift toward real-time payments. Additionally, Scola emphasizes the potential of open banking to generate new revenue streams for banks through partnerships with FinTechs, facilitating the provision of integrated solutions that encompass a broad range of products and services.
