Article: Open Banking for self-employed borrowers will bring quicker applications

Money, Open Governance, Standards

Open Banking for self-employed borrowers will bring quicker applications

In fact, close to 10 per cent of digitally active HSBC UK customers are using Open Banking services, with the number growing all the time. We have been looking at how we can integrate this fantastic technology protocol.

We have seen applications across current accounts and unsecured lending products, where it has made a real difference making life quicker, easier and safer and I am extremely excited to now see Open Banking being integrated into our mortgage process in a small but important way that will see the time it takes to go through the underwriting process being much reduced for self-employed applicants.

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Article: Data security: The paramount aspect of open banking

Access, API, Money, Open Decision-Support, Open Governance, Open Infrastructure

Data security: The paramount aspect of open banking

Open banking, a practice that provides third-party financial service providers an open access to consumer banking, transaction, and other financial data from banks and NBFCs through the use of application programming interfaces (APIs), has been rapidly catching up and is said to be the future of financial technology.

While this has several benefits, the innovation is also a high-risk practice as it involves sharing of and trading vast amounts of data. And while financial technology, over the past few years, seen tremendous growth in India, the Covid pandemic has facilitated a huge surge.

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Article: Banks enhance UX by accelerating investment in digital technologies

Money, Open Governance

Banks enhance UX by accelerating investment in digital technologies

The pandemic has accelerated digital transformation in banking, leading banks to faster adopt new digital delivery models. The rise of neo and digital banking became the new normal, with an emphasis on mobile banking services.

Adoption of artificial intelligence (AI) across many different operational areas in banking is constantly gaining ground. Financial institutions appear to be very active in engaging AI in a spectrum of services, ranging from sales and credit scoring to behaviour prediction and fraud detection.

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Article: Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Innovation, Money, Open Governance, Open Space

Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Financial Dots Limited has selected data analytics platform Envestnet | Yodlee to provide open banking and non-open banking data services for its customers with an initial client focus in the United Kingdom. The collaboration will enable Financial Dots’ customers to view all of their cross-border financial accounts and investments in one place.

Financial Dots stated that it has launched the interface to focus on customers that are dealing with cross-border challenges, helping them navigate the complex environment of their own financial and personal circumstances.

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Article: Neonomics, Nöffe to bring Open Banking to children

Money, Open Governance, Standards

Neonomics, Nöffe to bring Open Banking to children

Norway-based Nöffe has partnered with Neonomics to develop a digital piggy bank, to enable parents to easily connect their children’s bank accounts to a piggy bank, according to the official press release.

Neonomics, a Europe-based Open Banking API platform provider, allows Nöffe’s users to connect a bank account via their app to a piggy bank that mirrors a bank account.

The digital piggy bank is about the size of a traditional piggy bank, and a female voice speaks every time money is transferred to the account, or if a child wants to know how much money is in the account. Using the Nöffe app powered by Neonomics’ Open Banking API, parents can move around money for their children while giving them various sensory cues and stimulations, naturally making them more aware of the value of money.

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Article: Experian & Neonomics to streamline access to data and affordability calculations

Access, Money, Open Decision-Support, Open Governance

Experian & Neonomics to streamline access to data and affordability calculations

Neonomics and Experian have teamed up to offer lenders up-to-date credit information by classifying raw transactional data into predefined categories of income and expenditure. The collaboration will boost Experian’s Open Data strategy, thus enabling lenders to improve their decision-making processes and user experiences for effective management of portfolios.

Experian will bring Trusso, their open banking machine-learning categorization engine, and Neonomics, as a licensed third-party provider with close to 100% live fully operational coverage across the Nordics, is enabling pure API based account-to-account payments and account data. Experian will boost the expansion of its Open Banking solution across the Nordics, following the launch in Denmark.

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Article: How banks can leverage technology to explore the digital economy

Money, Open Governance

How banks can leverage technology to explore the digital economy

The classical banking world is in a state of radical change. Interest rates are low and revenues are dwindling. Challenger and neobanks are dominating the customer interface. Traditional players design their digital opportunities primarily from their viewpoint, focusing on their banking products, and becoming financial superstores for customers.

With open banking and open finance, financial institutions are now required to work more closely with non-banking players, often outside the world of finance. Digitization of key spheres of a customer’s lifestyle provides a plethora of opportunities for both banks and non-banks to create value services across shopping, housing, recreation, and healthcare. A winning strategy will be to surround end-customers with convenient digital services with easy access and the right pricing.

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Article: The Top Performing DeFi Coins in Q1 Were Not on Ethereum

Money, Open Governance

The Top Performing DeFi Coins in Q1 Were Not on Ethereum

Most DeFi products are built on Ethereum, but the best performing DeFi assets in Q1 may not be what you think. Decentralized finance (DeFi) continues to do exceptionally well in 2021. But the top performing assets so far this year are newcomers—and don’t even run on Ethereum.

According to a Q1 Performance Recap report released today by cryptocurrency data provider Messari, the top two performing DeFi cryptos in the first quarter of 2021 were PancakeSwap and Terra.

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Article: What Trends Will Shape Fintech In India In 2021?

API, Money, Open Governance, Open Infrastructure

What Trends Will Shape Fintech In India In 2021?

“Financial Technology” or popularly known as  “FinTech” has come a long way from merely automating the delivery and use of financial services. Today Fintech has transformed and improved the entire financial sector by bringing out various innovative offerings across payments & transfers, financing & banking and capital markets & personal financial management.

India has also not been far behind,  today India is one of the largest FinTech Market with highest FinTech adoption rate of 87% in the globe. Especially after post-Covid, India, along with some of its global peers, has seen tremendous growth in FinTech.

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Article: IBM introduces IBM Cloud for Financial Services.

Innovation, Money, Open Governance, Open Space

IBM introduces IBM Cloud for Financial Services.

For financial services, the biggest challenge in their journey to the cloud is ensuring they meet various regulatory and compliance requirements. Be it a bank, a fintech company or even an insurance firm, compared to other industries, the number of regulations they have to adhere to can be a lot more complicated. This is because of the sensitivity of the data they are dealing with.

For years, banks and other FSIs have been developing their own applications on their own infrastructure. The demand for better customer experience, digitalised operations, risk reduction and gaining competitive advantage requires applications to be developed, managed and run efficiently. The cloud has proven to be a business enabler to solving challenges and unlocking new revenue opportunities. While access to the private cloud is an option, the growing amount of data and the demand for better services by customers require banks to expand their cloud usage to the public cloud.

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