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Open banking is uberizing Ukraine’s financial services

The era of open banking has come, and it is already starting to change the rules of the game for financial institutions around the world. As this trend continues, it will challenge financial market participants to improve personalized communication and offer specifically-tailored services for consumers. This will come via applying AI and analytics to marketing strategies and developing highly-personalized services.

In Ukraine, adapting to the open banking era began late last year with the launch of the ‘1991 Open Data Incubator’, a competition for startups ready to create new financial services based on public data from banks. The project was supported by the National Bank of Ukraine (NBU) and OTP Bank. Among the innovative ideas already presented are:

  • CoinyPay – a solution for quick online and mobile payments
  • MarketBOX –a single CRM system for managing goods and orders on several trading floors
  • YouScore –a scoring platform that collects and analyzes client information from open sources
  • Bnesis –a screening service that allows for quick interactions with a variety of client programs, payment applications, trading platforms and accounts
  • CyberDataVizor –a secure and reliable system for authenticating payments through the use of digital fingerprints
  • Sky Service FIN – 24/7 cloud offices for accounting, business activity analysis and reporting control
  • Churn API – a service that predicts the outflow of customers

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