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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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The appearance of open banking created an immediate concern within the banks as they would now have to share customer data, competition from challenger banks, etc. Even though it is a well-known statement these days that “innovation will come with or without the banks” most banks (if not all) are still thinking that innovation will not affect them...
14 January 2020 /payments
Open Banking – Big Tech’s in Banking? Nothing new. There was a very strong article last week titled “Big Tech’s Invasion of Banking” which illustrates how Silicon Valley is waking up to the benefits of going after the financial sector. The one thing that creates risk is regulation and how to control their movements but the scariest thing by far is...
06 January 2020 /payments
In a December 20th article titled, “Without Open Banking regulation, banks and fintechs clash in the US” (*), we get a taste of the first issues that are arising in the U.S. of trying to work in a somewhat open banking space without regulation. One of the issues mentioned in the article relates to aggregators in the U.S. being blocked by banks tha...
30 December 2019 /payments
Open Banking – A 2019 Summary Open Banking has been regarded by the financial sector as the most revolutionary movement since the credit card. In 2017, none of us involved in the creation of open banking in the UK, ever thought that it would be globally adopted and so important that, if implemented for all the right reasons, could impact social a...
23 December 2019 /payments
Todd Clyde CEO at Token.io
You have probably seen the headlines about banks not being ready for PSD2 – as the deadline approached and then passed, they were hard to miss. While it is true that less than 50% of banks have met all of the requirements mandated by the EU legislation, this is far from the full story. The open banking outlook for Europe is, in fact, brighter than ...
18 December 2019
Marcus Martinez Industry Advisor, Worldwide FSI at Microsoft
“Data is the new oil” – you’ve probably heard this quote all too frequently by now. I can’t deny this is an interesting parallel, given data (just like oil) can be mined, stored and transformed in order to power other technologies and create value. However, I think this parallel is not only misleading, but dangerous when you consider the broader c...
17 December 2019
Hakan Eroglu Advisor at BIS Innovation Hub (all opinions are my own)
Open Banking is unstoppable and is being discussed in almost every corner of the world – be it to increase competition, reduce cost, foster innovation or financial inclusion. In Open Banking, banks are opening up customer financial data and banking services to Third Party Providers (TPP) via Application Programming Interfaces (APIs). For sure not ...
14 December 2019
Mahesh Pawal Portfolio Product Manager, Digital Transformation at Fiserv
Traditionally financial industry protected the customers’ personal, financial and transactional data. This was a great entry barrier for players like new financial institutions and fintech companies. However recent changes on regulatory horizon, including implementation of Farrell Report in Australia, Payme
04 December 2019 /retail
Avalanches are an interesting phenomenon. All looks peaceful and quiet, until that exact moment when an invisible trigger is activated and that humongous mass of snow comes down destroying anything standing in its way, temporarily changing the landscape beyond recognition and covering the ground with new layers of debris. So how do we know when a...
29 November 2019
Since the advent of the internet in the late 90’s, despite some initial scepticism, Banks are increasingly present in cyber space offering new products and services. The maturity of the internet-banking channel evolved (extremely slowly) from providing access to basic account information to allowing customers to manage more complex products. This,...
21 November 2019
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