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IBS Journal June 2018


43


first mover advantage, banks and financial service providers can ensure that they reap the benefits that come from Open Banking





By leveraging the


at severe risk of losing their customers to their competitors that have focused on developing more customer centric products.


How do you think the relationship between banks and fintechs will change with the new regulation?


In the past, fintechs and banks have had a competitive relationship, as the initial ‘launch’ of alternative banks and technology saw a lot of customers moving away from the more traditional banks. This has changed over the years and we have seen more symbiosis between both fintechs and banks. The relationship they establish will be mutually beneficial, as fintechs can benefit from the reputational kudos of the bigger banks, while banks can bring a fresh innovative service to their customers. With consumers being far more accustomed to dealing directly with fintechs – which we can see in the popularity of the likes of Monzo, Revolut, Atom and so on – and bigger banks slowly but surely embracing technological advancements, the future partnerships they establish should be win-win for both.


How can banks maximise the opportunities that currently exist, and what other areas should they be focusing on?


Investing in aggregation technology will give banks and third-party providers (TPPs) the chance to offer customers a holistic view of their finances, as well as giving themselves a comprehensive view of their customer. However, it’s not aggregation on its own that will be the game changer. Enriching the aggregated data and making it actionable will provide banks with a monitising opportunity as well as changing the way consumers manage their money. Those who master the full scope of Open Banking will be looking beyond the obvious developments. Marketplace banking is already being embraced by challenger banks and is a prime example of the type of opportunity that banks could be


taking advantage of. There are plenty of opportunities if they truly want to use Open Banking to its full potential, rather than simply meet its minimum requirements.


You’ve just opened your APIs to both developers and other fintechs in the Nordics. Why have you made this decision and what do you expect to see come from it?


At Tink, we have been trailblazing PSD2 since 2012. The ability to aggregate data is what has enabled Tink to grow into the business it is today. Opening our own APIs to other developers across any sector was a natural next step for us, as we continue to strive to make financial data more accessible. We hope that by using our APIs, businesses can focus on realising their ideas and launch consumer centric products. Innovative companies that use our APIs to develop their products don’t need to worry about re-inventing the wheel. They can fast-track what they create, knowing that there’s a robust, reliable system taking care of their ‘back end’. Lack of access to financial data has been holding back ambitious developers for years, but, by opening our APIs, we can accelerate the innovation that has been restricted up until now.


What sort of things can we expect to see from Tink in the future?


We are convinced that Tink’s technology is a vital catalyst in the reformation that the banking industry is now facing. Through our technology, millions of consumers in Europe will be able to make smarter decisions about their money. Our technology is available for all banks across Europe, and our API platform is being rolled out across Europe this year – making financial data accessible for even more developers to build amazing products. We are working towards becoming the leading infrastructure and network for financial data in Europe by the end of the year.


www.ibsintelligence.com


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