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Tink and American Express are partnering to improve the onboarding process for prospective card members in Europe, by using open banking technology to instantly verify identity, income and account information.
Many of the acronyms used in open banking were introduced in connection with PSD2, and they can be a little confusing. This means it’s important to explain them, otherwise, people might have a hard time following you.
Lydia is expanding its open banking partnership with Tink to Portugal, enabling its users to gather their accounts in one place, make contactless payments and online purchases, and transfer money to friends.
Most income verification methods used today cause friction and delay in the application process, and they’re not even that reliable. Here’s how new open banking lets this process finally catch up with the digital age.
The way our enhanced credit scoring solution works is quite simple: Tink gives you access to real-time financial data, as well as insights into spending behaviours so you can feed your credit scoring models. This results in a quick, reliable credit or risk assessment – so customers can get a better experience, and businesses can minimise risks.
Customers’ first steps inside your service are critical. Asking them to fill in lengthy online applications in order to get started can lead many of them to abandon your offering – and perhaps go explore a competitor’s. Tink’s autofill solves this by fetching the information straight from the customers’ bank accounts and automatically filling it in, making for a more seamless experience – and higher conversion rates.
Financial institutions across Europe are under pressure to deliver increasingly sophisticated services that simplify how people manage their money. Actionable insights can help make this a reality by enabling you to give customers a truly personal experience, which drives engagement, increases trust and boosts sales - all while helping people be smarter with their money. This is how it works.
Leda Glyptis is a leading voice in banking from both the startup and the incumbent side. Way back at Money2020 in Amsterdam, we sat down with her to talk about this opportunity that is open banking and the big opportunities that it presents.
When it comes to open banking, behavioural finance expert Galina Andreeva is a staunch supporter. But she cautions that the opportunities it presents come with their own risks – and to offer the best service, banks need to understand their customers better than ever before.
Leda Glyptis can empathise with the banks. She’s a recovering banker herself. At a time when the incumbents are choosing to embrace this era of open banking – albeit slowly – the chief of staff at challenger consultancy 11:FS lays out the three choices they can make in order to make money and move their business forward.