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FinTech Pulse

Open Banking, Bringing out the Best in SME

It’s About More Than Just a Business Bank Account
In the world of banking for an SME or freelance until now, the best you could hope for was to open a business bank account, get an SME loan and cross your fingers.  Financial literacy was a long shot and the financial, and overall success of your company was little more than a case of the luck of the draw.

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Topics: Financial Management for Small Business (BFM), BFM, business finance, SME banking, small business

Author: Aoife Crean - Content Manager on Apr 18, 2018

Data Driven Disruption in Banking: Interview with Onur Simsek

It is all about data these days. It’s relevant for everyone, not just the financial sector. What is your opinion about the position of banks in current data sharing landscape?

Absolutely. In the coming years, banking will be fundamentally different from the way we have always known it. The new currency of the digital economy will be data.

As a result of UK Open Banking and PSD2, consumers will gain a new level of control over how their data is used, and by whom. This, in essence means that banks will no longer have full ownership of financial data, as they always have, something that may look like it could pose a serious threat to current banking business models, but far from it; it also creates many opportunities for banks to leverage the data they have.

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Topics: Big Data, Data Privacy, Data Security, data analytics, digital banking, data industry trends, alternative data, financial data

Author: Aoife Crean - Content Manager on Apr 11, 2018

Open Banking Worldwide: A World of Opportunity

A few months into new Open Banking legislation in Europe and the UK, we ask what the rest of the world are planning to do in that regard. Will they follow suit?

A slow start by all accounts across Europe, with only a small handful of banks going 'all-in' from the onset.

With increased data security measures - GDPR - coming into force imminently, and fewer risks on face value for banks, we are likely to see things pick up speed before too long. 

Have a look at what's happening around the globe!

 

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Topics: online banking, digital banking, open banking, PSD2, psd2 impact on banks

Author: Aoife Crean - Content Manager on Mar 28, 2018

Launching STRANDS in Kuala Lumpur: An Interview With Tech Lead Carlos J. Mena

Having a workforce that is fluent in the ways of the world isn’t a luxury. It’s a competitive necessity.

That’s why last year, STRANDS opened a new office in Kuala Lumpur, the financial and economic centre of Malaysia — marking an important milestone for the FinTech company in Asia.

One notable leader in this endeavor was Carlos Javier Mena, Customer Tech Lead of STRANDS. He traveled to this fast-growing city to accomplish a mission: to build a strong team of software engineers and business developers.

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Topics: FinTech, International Experience, Strands Worldwide, Kuala Lumpur

Author: Miriam Ballesteros on Mar 21, 2018

Invisible Banking: How to Make Saving Easy

In the 1960s, Stanford University conducted the so-called Marshmallow Experiment, a study conducted by Professor Walter Mischel in which a child was offered the choice of being able to eat a single marshmallow now, or if they waited 15 minutes, two. As you can imagine, some children resisted whilst others went for instant indulgence, eating the marshmallow right away.

This experiment shed unexpected light on people’s nature, their motivations, including their financial decision-making.

Good impulse control turned out to be a predictor of success and fulfillment of long-term goals. In other words, we can choose to have something now, or we can choose to have something bigger and better at a later time in life - by saving.

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Topics: FinTech, Digital Transformation, digital banking, design for finance, behavioral economics

Author: Vaida Pakulyte on Mar 21, 2018

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