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

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

Nadie lo tiene más claro que Brieva: los éxitos del CEO de Strands

Erik Brieva, de origen cubano, no es para nada una persona ajena al éxito. Experto en matemáticas y en ciencias de la computación, ha dedicado su vida profesional hasta el momento a proyectos empresariales, software para empresas, y negocios basados en Internet, cofinanciando y administrando varias compañías en España, el Reino Unido y Estados Unidos antes de impulsar STRANDS al escenario FinTech en todo el mundo.

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Topics: Big Data, digital banking, strands

Author: Aoife Crean - Content Manager on Dec 4, 2017

No-one’s Braver Than Brieva: The Successes of Strands’ CEO

Cuban-born Erik Brieva is no stranger to success. A mathematics graduate and computer sciences expert, his professional life thus far has been dedicated to entrepreneurial ventures, enterprise software and internet-based business, having co-founded and managed several companies in Spain, the United Kingdom and United States before propelling STRANDS to a world FinTech stage.

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Topics: Big Data, digital banking, Company Culture

Author: Aoife Crean - Content Manager on Nov 23, 2017

Sensitive Matters: Data & Legislation - Part 1

 

Proper management of personal information has been a topic of discussion since the 1970s, leading to comprehensive information safety laws in over 80 countries and to the creation of public institutions dedicated to safeguarding privacy rights. In recent years, however, the rise of alternative finance or “FinTech” companies has disrupted this tightly guarded space, raising an entirely new set of concerns due to their occupation of a regulatory “grey area”.

So what kind of regulatory environment is needed specifically for FinTech, and what could it look like? Understanding the current regulatory situation makes for clearer perspective, not only to encourage consumer trust in FinTech, but also when it comes to influencing the direction policymakers take and what can be expected from the rise of FinTech in the coming years.

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Topics: Big Data, PSD2, psd2 impact on banks, LEGISLATION

Author: Pablo Reyes, Software Engineer on Nov 14, 2017

Machine Learning in Finance: Present and Future AI Applications

Machine learning has had fruitful applications in finance well before the advent of mobile banking apps, proficient chat bots, or search engines. Given high volume, accurate historical records, and quantitative nature of the finance world, few industries are better suited for artificial intelligence. There are more uses cases of machine learning in finance than ever before, a trend perpetuated by more accessible computing power and more accessible machine learning tools (such as Google’s Tensorflow).

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Topics: AI, Machine Learning, Big Data

Author: Nicole Harper, Content Manager on Sep 15, 2016

Data-driven business models are key to banks' survival

The call for retail banks to reinvent their business models has never been more urgent. On one hand, banks are challenged by shrinking revenues and struggle with achieving operational cost efficiencies. On the other, they must face the rising threat of FinTech startups that are attacking their core businesses, with the likes of Lending Club, Funding Circle, TransferWise and Venmo quickly becoming household names.

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Topics: FinTech, Card-Linked Offers, Digital Transformation, Big Data, digital money management, FinTech Race

Author: Artak Vardanyan, Product Marketing Manager on Oct 28, 2015

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