The future is access to all data
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.”
More in Open banking
Lemonway and Tink partner to offer smarter digital payments for marketplaces
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.
Why is the UK so good at open banking?
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.
New priorities for bankers – and how open banking can help
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.
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
