Open banking has fundamentally changed the way people access and manage their financial services, making banking more connected, more accessible, and more personalized.
At the heart of SBS Open Banking is Prakash Datt. Joining SBS in 2021 as a Quality Engineer, Prakash helped strengthen and modernize quality standards before taking on a new challenge as a product owner. Today, he works at the crossroads of business, product, and technology to help shape the future of SBS Open Banking solutions. In this interview, he looks back on his career path, his current role, and what makes Open Banking such an exciting field to work in.
Moving from quality engineer to product owner is a significant career shift. What helped you make that transition?
My background in quality engineering has actually been a huge advantage in my role as a product owner. As a quality engineer, you’re naturally curious. You’re not just testing a feature, you’re trying to understand why it exists, what problem it solves, and how it delivers value to the customer.
That mindset made the transition much easier for me. I was already used to looking at the bigger picture, asking questions, and challenging assumptions. Today, those skills help me understand customer needs, shape product requirements, and make sure we’re building solutions that truly solve real-world problems. For me, curiosity is one of the most important qualities of a product owner, and my quality background helped me develop that from day one.
What’s one of your proudest achievements as a product owner?
One of my proudest achievements as part of SBS Open Banking has been leading the delivery of Wero, a European digital wallet and payment solution developed under the European Payments Initiative (EPI). It was the first product I owned end-to-end, which made the experience particularly meaningful. After months of collaboration across teams, seeing the first bank go live on our platform was a major milestone. Knowing that we had helped turn a complex idea into a real solution that enables banks to adopt Wero faster and deliver value to their customers was incredibly rewarding, both for me and for the entire team.
What does a product owner do?
As a product owner, my role sits at the intersection of product strategy, technology, and customer needs. I work closely with Product Managers to understand market trends and new requirements, then collaborate with architects and development teams to turn those ideas into practical solutions. I also spend a lot of time engaging with customers through workshops and regular discussions. Their feedback helps us refine our products, and ensure we’re solving the right problem. On top of that, I manage priorities and help shape the product roadmap.
What is the biggest misconception that people have about open banking?
One of the biggest misconceptions about open banking is that it’s simply about making banking more convenient for customers. While that’s certainly the visible outcome, there’s a great deal of complexity behind the scenes. What surprised me when I became a product owner was how much work happens behind the scenes. Customers see a seamless experience, but every payment and data exchange must meet strict regulatory and security requirements.
As a product owner, one of my key responsibilities is finding the right balance between these regulatory requirements and the needs of our clients. This allows banks to tailor the solution to their customers’ expectations without compromising compliance. The challenge is that regulations and industry standards are constantly evolving, so staying up to date and adapting our products accordingly is a continuous part of the job.
You’ve seen Open Banking evolve significantly over the past few years. What changes have stood out most and what excites you about what’s coming next?
The biggest change I’ve seen in recent years is the shift from Open Banking to Open Finance. When I started, the focus was mainly on banking services and payments. Today the scope includes a much broader range of financial products and services in one place, from bank accounts and payments to loans, credit cards, insurance, and more. It’s creating a more connected ecosystem where information and services can flow seamlessly between providers.
What excites me most is where this evolution is taking us. At SBS, we’re already seeing it through initiatives such as Wero and other digital payment solutions. The goal is to create a simpler and more seamless experience where customers can manage all aspects of their financial lives through a single connected journey.
Looking ahead, I expect Open Finance to evolve into broader data ecosystems, enabling even more personalized and seamless experiences. It’s an exciting opportunity to help shape the future of financial services.
How does AI affect your day-to-day job?
Like many people, I initially wondered whether AI would replace my job. In reality, it has made me much more effective. As a product owner, a big part of my role is research and analysis. Tasks that used to take days can now be completed much faster, giving me more time to focus on strategy, customer needs, and product decisions. I’ve also built AI-powered agents and dashboards that automatically monitor industry updates, regulatory changes, and standards such as those from the Berlin Group. Instead of manually checking multiple sources, I receive the key information in one place and can quickly identify what’s relevant for our products. For me, AI is a powerful assistant.
What’s one AI use case in Open Banking that you believe will have the biggest impact in the coming years?
One AI use case I believe will have a major impact is personalized financial assistance. By combining AI with Open Banking data, banks and fintechs can better understand a customer’s financial situation and provide more relevant recommendations, whether that’s helping manage spending, improving savings, or suggesting the most suitable products and services.
We’re already seeing AI improve customer interactions through virtual assistants and smarter support tools, but I think the real opportunity lies in combining AI and Open Banking data to deliver more proactive and personalized financial guidance.
Do you have a memorable anecdote to share about your work?
One memory that really stands out is a customer workshop I attended in 2025. It was my first major customer workshop as a product owner, so I was naturally a bit nervous. The session lasted almost eight hours, and because it was my first time leading that kind of discussion, I put a lot of pressure on myself to be well prepared. In the end, the workshop went extremely well. The customer was highly engaged, the feedback was very positive, and it gave me a real confidence boost. Looking back, it’s one of my favorite professional memories because it was the moment I realized I could step into the role and successfully represent both the product and the team in front of customers.
What personal trait has helped you most in your career?
One thing that definitely carries over into my work is my love of staying organized. At home, I like keeping things tidy and structured so everyone can enjoy a comfortable environment together.
That same mindset helps me in my day-to-day role as a product owner. Whether it’s planning my schedule, managing priorities, or organizing the product backlog, I naturally like to bring structure and clarity to what I’m doing. It may seem like a small habit, but being organized helps me stay focused, plan ahead, and work more effectively with my team.
Outside of work, what do you do to switch off?
Outside of work, I like to disconnect by spending time with my family. I have a young child, so weekends are often about making the most of our time together, whether that’s playing cricket, teaching and playing chess, or simply enjoying family activities. I also enjoy relaxing with a good movie or series. Those moments help me recharge and come back to work with fresh energy and perspective.
