Archive for March 2019
Banking the unbanked
As banks and fintech start-ups use Open Banking technology to launch tools that help people manage their finances, can they also be used to improve financial inclusion? Geordie Clarke reports… It’s a stark statistic: nearly half the world’s population doesn’t have an active bank account, according to World Bank research. In the UK, the numbers…
Read MoreAre mortgages worth opening up for?
Open Banking Expo Magazine spoke to Skipton Building Society, Enterprise Chambers in London and The Online Mortgage Advice Centre about the use of Open Banking data within the mortgage sector. It’s a sobering thought for all professionals involved in banking and finance, that the average Brit is far more likely to get divorced than switch suppliers.…
Read MoreThe Global Revolution of Open Banking – A Look at Mexico
Starting as an innovative regulatory disposition in the United Kingdom, in just a few years, Open Banking has become a revolutionary global movement. Considered one of the cures to current financial systems’ ails, rooted in its obsoleteness and a loss of touch with today’s realities, it promises to spark new life into consumer and SME…
Read MoreFlower Power – Bringing Your Very Own Data Daisy To Life
Imagine a daisy – a small white flower – and I will paint a picture in your mind of what open data really means for an individual or for a small business in our open future. Imagine that you’re the yellow bit right at the very centre of the daisy, and that each one of…
Read MorePutting the ‘rev’ in revolution
Two years ago, Open Banking was regarded by many as a typical compliance exercise championed only by a handful of FinTechs – more tech spend driven by compliance rather than business case or customer need. This is no longer the case. Banks have very firmly moved from viewing Open Banking as a compliance exercise to an…
Read MoreInsight: Faith Reynolds
The great potential of Open Banking lies in the possibility of genuinely delivering for consumers while still achieving commercial objectives. It’s now much easier to get suitable, engaging products to consumers more quickly and cheaply than it has been in the past. Events, like Forgerock’s Open Banking Hackathon and the FCA’s Techsprints on ‘access’, ‘vulnerability’…
Read MoreIs ignorance bliss?
A year on from the launch of Open Banking in the UK, consumer adoption rates are low and awareness levels are lower still. Should we be worried, asks Joe McGrath? Getting consumers to buy into the benefits of Open Banking has been a tricky business for British financial groups. A year since the Competition…
Read MoreSurvival of the fittest
Many predict that Open Banking will eventually lead to the end of the retail banks as we know them today, but how are the legacy players protecting their businesses? Joe McGrath investigates… It has been a transformational decade for Europe’s retail banking sector. Vast regulatory changes introduced in the wake of the global financial…
Read MoreBrave new world
As the UK celebrates a year since the first Open Banking regulations came into force, the world is watching its progress. But not every country is following its approach, finds Jenny Turton… Regulatory initiatives, fintech innovations and rising consumer demand for ease and convenience, are fuelling a momentum for change across all industries, especially…
Read MoreIndustry news: Klarna launches Open Banking platform
Source: Klarna press release Today, Klarna, one of Europe’s leading payment providers, announced the launch of its own Open Banking Platform. This platform will enable access to more than 4,300 European banks through a single Access to Account (XS2A) API in line with Payment Services Directive (PSD2). Klarna’s XS2A API is the most established and…
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