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Why the next 18 months in Open Banking will be game changing with new innovative financial services customised for specific customer segments
Brendan Jones, Chief Commercial Officer at Konsentus, discusses the practical implications of how PSD2 (the Revised Payment Services Directive) and Open Banking will change the way financial services are distributed.
Flower power – Open Banking help Majblomman track donations in real time
Majblomman is a well-known Swedish charity that raises money with the annual sale of special paper flower pins. When Majblomman implemented a fully digital campaign, Nordea’s Open Banking team enabled a real time overview of all incoming donations.
Although it was regulatory requirements that sparked the move towards Open Banking, Sofia Ericsson Holm, Head of Strategic Partnerships and Open Banking at Nordea, explains how it is the demand for instant and better user experiences that will really drive innovation.
Open Banking – the basis of a new digital banking backbone
Banks are transforming to become fully digital. For the traditional banks, the journey is long and will take years. Luckily, they are not alone. External partners like Fintechs, non-traditional financial services providers, technology companies and even regulatory requirements are helping banks to take the steps towards the target state. Mikko Päivinen, Enterprise Architect at Nordea, explains how Open Banking is one of the drivers which can help the digital transformation, if architected and implemented correctly.