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Mobey Forum Notes Need for Interoperability and Open Finance in Uptake of Digital Wallets by Banks

As banks navigate the world of digital wallets, some are still struggling to properly implement and develop the technology to keep up with competitors. As a result, Mobey Forum, the global industry association empowering banks and other financial institutions, has published a new report offering insights and recommendations.

The paper, titled: Beyond Payments: Navigating the Next Generation of Digital Wallets, introduces a revised definition of digital wallets. It reflects their expanded role beyond financial transactions to managing a broad spectrum of digitised assets and personal data. It delves into the strategic considerations for banks in this rapidly changing environment. Additionally, it emphasises the importance of local champions, eID wallets, open finance, and the critical need for interoperability.

“This report is published at a pivotal moment for the banking sector, as many banks are revisiting their strategic paths. The report emphasises the need for banks to prioritise their digital wallet strategies and embrace collaboration to remain relevant and thrive in the digital age”, says Marina Repo from Nordea, co-chair of the Digital Wallet Expert Group, underscoring the report’s significance.

Elina Mattila, executive director of Mobey Forum, adds: “As the digital finance ecosystem continues to evolve, Mobey Forum remains at the forefront, facilitating crucial dialogues and collaboration among its members. This report highlights our commitment to leading the industry. We want to ensure our members are well-positioned to navigate and capitalise on the opportunities presented by digital wallets.”

The report is a testament to the collective expertise of the Digital Wallet Expert Group, co-chaired by:

  • Marina Repo (Nordea)
  • Cédric Sieber (Swiss PostFinance)
  • Kristian T. Sørensen (Nets eID Solutions)

It reflects a broad spectrum of insights and perspectives from leading industry players.

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