Davivienda y Strands unen fuerzas para traer su exitosa solución de PFM al mercado colombiano y latinoamericano, como parte fundamental de su compromiso con la innovación y apuesta por la banca digital. Entrevistamos a Margarita Henao, VP de productos de banca personal en Davivienda, sobre el motivo de este cambio y lo que significa para el futuro de la banca en la región.
Davivienda and Strands join forces to bring their successful PFM solution to the Colombian and Latin American markets, as part of their commitment to innovation and to the future of digital banking. We chatted to Margarita Henao, Vicepresident of Personal Banking Products at Davivienda about the bank's quest to innovate and offer the best service to their customers.
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.
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!
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.