Much like Tink, the trustee for the UK’s Open Banking Implementation Entity (OBIE) has big visions for the future of data-driven banking. He says it’s only a matter of time until the full scope of customer data is available for fintechs to use to build innovative new products.
“Everyone agrees with the fundamental principles – that data belongs to the consumer and not to the organisation,” Imran Gulamhuseinwala told us at the Money20/20 conference in June.
“Then I think we’re going to start looking very much at other products – mortgages, savings accounts,” he says. “Then other products outside of banking – insurance and so on. And if the UK is anything to go by, we’re already having discussions about water, energy, telco, broadband, utilities – the whole gamut.”
Lemonway, a French payments service provider, launched their Pay By Bank with Tink, a new service that allows their merchants to offer users an easy, secure, and convenient digital payment method.
The UK’s open banking journey has been a bit different compared to other countries in Europe, and this has given them an edge – leading to a more mature environment. Here’s our take on what has contributed to their success.
Banking priorities have changed as a result of the pandemic. Discover the three focus areas that are top of mind for financial executives – and how open banking can help institutions tackle all three by leveraging financial data.