We’re changing the payment ecosystem

14-03-17 14:59 | Digital banking | The Digital Hub

I’d say I’ve been thrilled lately. We are on the brink of a new era for financial services. We are out there with our invitation to collaborate with Fintech companies. 

The buzz around Open Banking, APIs and forthcoming regulation has been ongoing for a few years already. Fintechs and major players are working with the new business opportunities presented in the new playground, and claiming that banks are being left behind as pure transaction processing infrastructure.

My view has been from the very beginning that, in order to survive, banks need to redefine themselves. As I see it, our role now and in the future is to be the trusted partner of our customers. However, the rapidly developing market requires banks to move fast as well. Therefore, instead of viewing the new entrants in the market as mere competitors, we need to take advantage of their agile way of developing new innovative services – with a collaborative mindset. This is the only way, and also presents a tremendous opportunity to really take financial services to another level.  

We have therefore taken the first step towards Open Banking. We have invited developers to share their thoughts about services they would like to develop, and to sign up for future piloting. The great interest in our recently launched website has proved me right – we got 300 sign-ups in 72 hours. 

The first new APIs we plan launch to the developers that signed up on our website will be account information and payment initiation services. These are based on the PSD2’s requirement for banks to open up customer data to licensed third parties, with customers’ consent. I’m excited to see what kind of other ideas for new services will emerge with the innovative developers. 

No one actually knows what the financial services industry will look like in three years’ time. We know that customers are looking for mobile, intuitive, easy-to-use services. And, I expect that the fastest customer uptake of new services will be through familiar channels affiliated with trusted brands like Nordea. But, some customers will use completely new services from emerging brands for sure.

As Head of Open Banking, I am excited to be working with this and to be a part of this change at Nordea. We’re in the midst of the change, creating the future. 

Want to know what the platform is about - check out our webpage, Nordea Open banking. 

/Jarkko Turunen, Head of Open Banking, Nordea

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