Aşağıda yayınladığımız yazılar, Prof. Dr. Selim Yazıcı’nın Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programında vermiş olduğu Financial Technologies dersinde öğrencilerin bitirme ödevi olarak hazırladıkları çalışmalardan oluşmaktadır. Yazılar kendilerinden izin alınarak yayınlanmaktadır.

Open Banking Discourse

Hazırlayan: Ege Tansel

What is FinTech?

Fintech is used to define new tech that seeks to develop and automatize the delivery and use of financial services. ​​​At its essence, FinTech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a short version of “Financial Technology”.

Fintech Framework

Fintech startups received $17.4 billion in funding in 2016 and were on pace to surpass that sum as of late 2017, according to CB Insights, which counted 26 FinTech unicorns globally valued at $83.8 billion. The same firm reported that there were 39 VC-backed FinTech unicorns worth $147.37 billion by the end of 2018 North America produces most of the FinTech startups, with Asia a relatively close second. Global FinTech funding hit a new high in the first quarter of 2018 let by a significant uptick in deals in North America. Asia, which could surpass the United States in FinTech deals, also saw a spike in activity. Funding activity in Europe was at a five-quarter low in Q1 2018 but surged back in Q2.

Open Banking for Fintech

Open banking is a financial services term as part of financial technology that refers to:

1. The use of open APIs that enable third-party developers to build applications and services around the financial institution.

2. Greater financial transparency options for account holders ranging from open data to private data.

3. The use of open-source technology to achieve the above

Open banking, as a concept could be considered as a subspecies to the open innovation concept, a term promoted by Henry Chesbrough. It is linked to shifts in attitudes towards the issue of data ownership illustrated by regulations such as GDPR and concepts such as the Open Data movement.


In October 2015, the European Parliament adopted a revised Payment Services Directive, known as PSD2. The new rules included aims to promote the development and use of innovative online and mobile payments through open banking.

In August 2016, the United Kingdom Competition and Markets Authority(CMA) issued a ruling that required the nine-biggest UK banks — HSBCBarclaysRBSSantanderBank of IrelandAllied Irish BankDanske BankLloyds and Nationwide — to allow licensed startups direct access to their data down to the level of transaction-account transactions.

The new regulation came into force on January 13, 2018, and is set up by Open Banking Limited, a non-profit created specially for the task. However, enforcement rests with the Competition & Markets Authority. Protection for consumers will be done by the banks (for payments) or the Information Commissioner’s Office (for data).

Support for the concept is not unanimous. Mick McAteer, of the UK Financial Inclusion Centre, thinks that only the tech-savvy will benefit. He says that open banking is “a daft idea”, which will lead to more financial exclusion for those on low incomes. He says it is naïve of regulators to expect consumers to own their data and be able to get better deals from banks, and points out the danger of consumers being exploited, either by businesses offering new types of expensive payday loans, or misuse of data and personal information that people have revealed in places such as social media

General anchorages :

What customer propositions are FinTechs prioritizing?

%23 Account and data aggregation

%16 Enhanced credit scoring

Intelligent financial management

New payment methods

Automated affordability analysis

Are FinTechs using open banking to enhance current services or build new services?

%94 Current services

%81 New services

Ninety-four percent of respondents are considering how open banking can enhance current services and 81% are using it to enable new services.

How are FinTechs reconsidering their competitive strategy?

Open banking is changing competitive dynamics. Seventy-four percent of respondents believe that new competitors will become more important and 59% are reconsidering their strategy for collaborating with financial institutions.

How many staff members are working on open banking-related projects?

10+ = %30

5–10 =%17

1–5 = %47

0 = %7

Open API’s

Open Application Programming Interfaces (API) is one of the next big technology developments in banking.

APIs are the main reason that startups are able to build their products faster.

In Europe, there will be no choice for banks who must open up their payment systems to third parties under the Payment System Directive 2 (PSD2)

This needs to be done in a controlled way and with the agreement of individual customers.

However the potential impact on banking business models is believed to be quite high, and a relatively short time.

Being multi-banked

With PSD2 the Directive will allow retailers to ‘ask’ consumers for permission to use your bank details.

Once you give permission the retailer will receive the payment directly from your bank-no intermediaries.

The direct connection between retailers and banks will be enabled using the Application Programming Interface or APIs.

The use of API’s is exciting because it enables companies (innovative companies) to connect to financial institutions directly Account Information Service Providers-AISP

API & B2B Integration

A company releases its API specifications to the public or chosen third parties so that other developers can design products that work with it.

API Models

Global Open Banking world map

As a result of today’s world, technology has been developing posthaste and all of the technologic inventions provides convenience to people.I believe that Fintech technology will enter our lives more than today on future and many manual things will not be and pervade. People will make all own banking transactions easily and hurriedly.


This paper was prepared as a class work for Financial Technology course given by Prof. Selim YAZICI at Ozyegin University, Graduate School of Business, Financial Engineering and Risk Management Program.

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İstanbul Üniversitesi, Siyasal Bilgiler Fakültesi, İşletme Bölümü öğretim üyesidir. Ayrıca, Marmara Üniversitesi, Bankacılık ve Sigortacılık Enstitüsü'nde, Sigortacılık Bölümü'nde 2009-2016 yılları arasında misafir öğretim üyesi olarak "E-Sigortacılık" dersini vermiştir. 2019 yılından beri misafir öğretim üyesi olarak Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programı'nda Financial Technologies dersini vermektedir. Teknolojiye ve teknolojinin yaratacağı fırsatlara inanmış bir akademisyen olarak, 2000'li yılların başında, teknolojideki değişimin finansal kuruluşların üretim, pazarlama, satış, dağıtım ve satış sonrası süreçlerinde yaratacağı etkileri ve e-ticaret olanaklarını değerlendiren araştırmalar yapmış ve sigortacılık sektörüne özel bir envanter oluşturmuştur. Bu çalışmaların sonuçlarını, ortak yazar olarak yer aldığı "Elektronik Sigortacılık" (2002) adlı kitabında yayınlamıştır. Daha sonra, finansal hizmetler dünyasındaki teknolojik değişimi ve müşterilerin dijitalleşmesini gözlemleyerek, özellikle bankacılık ve sigortacılık sektöründe dijital dönüşüme yönelik projeler geliştirmiştir. Teknolojinin finansal hizmetler sektöründe kullanımı ve çevik yapılar olan start-upların bu alandaki girişimcilik faaliyetlerini içeren FinTech ve InsurTech konuları ilgi alanını oluşturmaktadır. Girişimcilik, Finansal Teknolojiler, Dijital Sigortacılık, Proje Yönetimi, İş Sürekliliği Yönetimi, İşletme Yönetimi, Uluslararası İşletmecilik ve Örgütsel Davranış konularında dersler vermektedir. Finansal teknolojiler konusunda girişimcilerin ihtiyaç duyabileceği tüm alanları kapsayan ve ülkemizde ilk olarak FinTech İstanbul tarafından gerçekleştirilen "FinTech 101 Eğitim Programı"nın şekillenmesini sağlamıştır. Öğrenen Organizasyonlar (2001), Elektronik Sigortacılık (2002), E-Öğrenme (2004) ve İş Sürekliliği Yönetimi (2013) başlıklı yayınlanmış dört kitabı bulunmaktadır. TSEV ve TSPB'nin eğitmenlerinden olup bankalar ve sigorta şirketleri için çeşitli konularda eğitim programları düzenlemiştir.