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Tag Archives: Open Banking

Top 7 digital transformation trends in banking

Ever since the financial crisis of 2008, the vast majority of financial institutions have sought to deliver profitability through cost cutting and efficiency measures. While these strategies have worked to varying degrees up until now, future growth will demand much more. Financial institutions need to better understand the transformative forces …

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Is it really a digital financial institution?

As the banking sector continues its march down the digitization road, patterns have emerged that allow for an objective assessment of whether a financial institution is making serious progress on its journey toward digital. Here are 10 questions designed to get at the heart of that question: Does the financial …

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Top 22 mobile banking trends

Mobile banking is a huge demand from banking customers as well as a major piece of many financial institutions’ marketing strategies. With that in mind, Juniper Research came up with a list of 22 mobile banking trends: Open banking permits many innovative FinTech offerings to be offered to mobile customers …

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Personal finance management system evolution

Personal finance management (PFM) systems are starting to gain traction in terms of popularity, growing from a market of USD 795 million in 2016 to a project market of at least USD 1.21 billion by 2023. Currently, most PFM systems are focused on simply showing numbers to customers. To stand …

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Video: Beyond open banking lies Open X

The financial services industry is shifting from open banking to an impending phase called Open X. Learn how to thrive on the Open X shared marketplace in this informative World Fintech Report 2019 video. Infographic: how FinTech is changing asset management 11 Big Data trends for 2020 Internet of things …

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Open banking platforms

Open banking and the regulatory environments driving it are forcing financial institutions to become a platform business. However, there are 4 such platforms for financial institutions to consider: Proprietary platforms use open APIs to make data accessible to developers and to offer finalized products to consumers. Joint venture platforms encourage …

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Balancing PSD2 with GDPR

Europe’s Second Payment Services Directive (PSD2) is reshaping the banking sector. At the same time, the introduction of the General Data Protection Regulation (GDPR) has had a huge impact on how companies must protect data. As financial institutions work to comply with both pieces of legislation, how can they balance …

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Does the Beyond Banking model represent the future of banking?

Beyond Banking is a business model in which consumers receive a package of services through an ecosystem of various providers. It works by taking advantage of open APIs to quickly and easily send data between the information systems of various services using standard data exchange protocols. It has arisen as …

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Data security key for consumer confidence in open banking

Reservations about data security pose the biggest challenge when it comes to increasing consumer confidence in open banking, with 86% of respondents to a recent Forrester Consulting (on behalf of TransUnion) survey concerned about data being sold and 82% concerned about data breaches. As financial institutions begin their push into …

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How to transition into the era of open banking

It cannot be stated enough that open banking is here, and it’s here to stay. Financial institutions must now embrace open banking if they are to remain relevant in the medium and long terms. To do this, they must start thinking consumer-centrically and realize the value that third-party service providers …

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Using open banking to match consumer needs

With open banking beginning to emerge as a new reality across the globe, it is no great surprise that banking consumers are also opening themselves up to participation in open banking ecosystem platforms. Given the thousands of open banking-related processes and applications a financial institution could pursue, what should financial …

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Open banking in the UK: one year out

In January 2018, the United Kingdom (UK) launched open banking to improve the way finances in the UK are managed, borrowed, saved and invested. Now, more than one year on, the UK has set a gold standard for open banking. Despite the fact open banking is still a relatively new …

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Bankers expect open banking to increase profits 10-20%

According to a new study from Accenture, bankers expect that open banking will lead to a growth in revenue of 10-20%. This thought it bolstered by the fact that commercial consumers are, by and large (35-42%) already using or planning to use open banking products in the near future. What …

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3 key areas for a future with open banking

As open banking continues its path toward offering consumers greater financial products and services, it is interesting to consider what things are necessary for open banking to become the new normal. Perhaps there is no other single thing more important for the long-term success and uptake of open banking than …

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Polish realities in a PSD2 Europe

A recent survey of the Polish banking sector concerning the Second Payment Services Directive (PSD2) of the European Union (EU) was published by KPMG. Specifically, the survey found that Polish banks view their main competition as other banks in the short term; however, the realities of PSD2 shift that perception …

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