In an afternoon session devoted to monetisation at this year's Open Banking World Congress, Martin Sladecek, Open Banking Leader, Komerční banka, gave us an overview of their approach to creating an ecosystem, aiming to position the bank as a digital disruptor.
Martin explained how they go beyond the mandatory APIs, looking to bring together the best third party offers and to provide services through third party channels. The bank takes an agile approach, looking to quickly prove client appetite for service. Martin highlighted their ‘snowball’ approach – looking for fintechs that have started to grow from proven niche excellence.
Martin went on to discuss their four different strategies for monetisation – distribution (eg through portals), direct sales within a third party environment (eg insurance through a travel agency), exchanging data/content (eg sharing ATM access for better customer satisfaction) and directly monetising content (eg paid identity provisioning). The presentation finished with examples of some of the bank’s greatest successes.
Time ran out before Martin could run through all his examples or answer the questions prompted by his talk. Martin has since come back to us with the answers below.
Can you give an example of a typical snowball company? Do you find them or do they come to you?
As I said in my speech, we are typically looking for fintechs that are excellent and mature in one specific key / main / core service. We have such examples in the Czech Republic available and already aggregated in our portfolio.
If I look internationally, an example might be TransferWise. They still have a very strong focus on their core business, instead of creating new alternative products or expansion into new domains.
Do you think Komercni banka is the most successful bank in the field of open banking in the Czech Republic, or do you have any major competitors?
We are the leader. A competitor in comparable size and approach is Ceska sporitelna, a member of the Erste Group. Competitors that aren’t comparable in size but with a comparable approach are Air Bank and Richee / Banka Creditas.
Great presentation ... could you share your slides?
The presentation is available as the on-demand recording on the congress website.