Archive for August 2018

Key findings: Millennials most open to managing personal finances online but more likely to want the human touch, too   Over half of 25-34 year olds (53%) are comfortable using an online service to manage their personal finances 54% of 25-34 year olds like the idea of a service that takes into account their wider…

Source: IT News Banking and insurance retailer Suncorp has vowed to turn its recently launched $100 million digital marketplace platform into a spearhead to seize market advantage under Australia’s new open banking regime. The bold play will also look to rapidly on-board new third party services – think fintechs and loyalty apps – as a…

When the future global banking landscape is discussed, many predict banking arms from the global internet giants. But why has this prediction not yet come to pass?   Amazon, Apple, Facebook, Google and Microsoft have long been touted as the natural heirs to the retail banking crown and yet their arrival has been prematurely predicted…

High profile open banking failures have affected consumer confidence for a quarter of customers, research from Consumer Intelligence shows. TSB customers had to cope with two months of disruption from April to June after the bank started a major upgrade of its systems. Andy Buller, key account director at Consumer Intelligence, said: “Systems are feeling…

Today The ID Co. announced that it has been working with CYBG on integrating its DirectID Open Banking Platform into the Bank’s B mobile banking app. B offers customers an intuitive mobile app, with a range of interactive tools designed to offer customers a single place to manage their financial and lifestyle needs, helping them…

While Open Banking initiatives are expected to transform the UK mortgage market, a new report suggests that challenger brands may lose market share from the resulting data revolution.   The UK’s largest mortgage lenders will regain the market share that they lost to challenger brands in the coming years, thanks to data analysis techniques from…

Moneybox app has become the first third-party player to launch an Open Banking integration with Santander. Santander joins a small but growing number of traditional banks that have opened up its API to third parties. The partnership between Moneybox and Santander will support customers in saving and budgeting their spare change on a daily basis.…

Open Banking has acted as a catalyst for mergers and acquisitions in financial services, with activity in the payments and technology sub-sectors particularly prominent. A June 2018 report by law firm White & Case noted that a new wave of M&A activity was on the horizon, following a period of domestic consolidation in Europe, with…

Fortuna Bank, one of the oldest independent banks in Luxembourg, has selected Luxhub as its open banking enabler to assist, in the first instance in, PSD2 (Payment Service Directive 2) compliance, it was announced on 30 July 2018. According to a press release, “Luxhub together with Temenos will allow Fortuna Bank to expose the mandatory APIs…