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FinTech Pulse

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

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

Behavioral Economics in Digital Banking: Taking the Pain Out of Finances

This blog post is inspired by one of the Top 10 books every FinTech professional should read- “Dollars and Sense” by Daniel Ariely and Jeff Kreisler.

Understanding the rationale behind financial decision-making has long been a challenge. Money touches every part of our modern consumer life, from family budgets to national politics, from shopping lists to saving accounts. And there is more and more to think about every day, as the financial world becomes more advanced. The truth is, making bad money decisions is the hallmark of humanity.

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

Author: Vaida Pakulyte on Feb 28, 2018

Erik Brieva’s Bookshelf: 10 Top Business Books to Get Ahead In 2018

Erik Brieva, CEO of STRANDS and entrepreneur, reveals the top business books that helped shape his business savvy. 

As founder of Polymita, and co-founder of multiple companies within enterprise software, mobile and Internet spaces, it’s safe to say Erik Brieva knows more than a thing or two about business and entrepreneurship.

He’s been recognized as a Visionary by Gartner (Magic Quadrant 2009 & 2010), Major Player by IDC (MarketScape 2011), and named among the 100 Leaders of the Future (Capital Magazine, Spain, 2009) and Entrepreneur of the Year (Entrepreneurs Magazine, 2006, Spain).

 

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Topics: FinTech, digital banking, fintech news, fintech resources, fintech pulse, financial technology, Business Books, Entrepreneurs

Author: Miriam Ballesteros on Feb 1, 2018

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