lafgrp + f571   18

Open banking spreads worldwide
QUOTE self-interest and peer-awareness will eventually lead the way: mobile phones and the internet itself once had to contend with similar forms of resistance and, after a while, simply become an integral part of modern life. In time, the perceived savings that can accrue from Open Banking will impact popular culture and become universal: at some point, sooner or later, it will begin to seem unusual and may even seem irresponsible not to use online tools to manage your money.
1PW  FK  F571 
april 2018 by lafgrp
Open banking pilot begins in New Zealand
QUOTE A pilot project has begun which could pave the way for safer "open banking". Open banking involves clever tech companies building consumer-friendly money management and payment apps giving people more control over their banking, and potentially driving the cost of banking down.
3PW  4LN  ED  F571 
march 2018 by lafgrp
Open Banking could contribute £1bn annually to the UK economy, but will it?
QUOTE will customers consent to sharing banking data? It's a question that led Cebr to also include a more conservative forecast in its analysis, one that sees the programme delivering circa £680 million to the economy each year.
february 2018 by lafgrp
Australia: ANZ Bank Takes Stake in Fintech Data Republic
QUOTE partnership will provide ANZ access to Sydney-based Data Republic’s platform, allowing the bank to use ["data analytics and insights"] so that it can collaborate with third-party service providers to better understand and serve its customers....Like Europe’s open-banking regulation PSD2, the Australian government has also announced plans to instill open banking requirements in the country over the next year.
3PW  FK  4LN  F571 
february 2018 by lafgrp
Open Banking: Opportunity or Dead on Arrival?
QUOTE The data released (always with the customers consent) will enable providers to offer a wide range of diagnostic/advisory services that can anticipate customer needs, including comparison shopping for financial and non-financial products, for both consumers and small businesses. Aggregation of the customer’s financial relationships, with multiple providers into a single view, will allow advice and recommendations to follow, will provide the ability to highlight products that customers with similar income and savings have bought, will show real-time “readiness to borrow” financial health checks and advice based on live account information, and will provide early warning when signs of financial distress start to appear in a customer’s data.

When those services are available, how will incumbent banks communicate them? Another change to terms and conditions? Consumers and small businesses deserve better if there are new services that could prevent unnecessary fees, or support financial inclusion.
3PW  F571 
february 2018 by lafgrp
Australia’s national payment system will ease peer-to-peer payments
QUOTE Using the NPP, consumers and businesses do not need to wait two to three days to move money between accounts at different banks, like before.
3PW  FK  F571 
february 2018 by lafgrp
Microsoft's visions of the future banking ecosystem
QUOTE Ubiquity: in [first] vision, banks’ primary focus will be on modularity and agility: the financial services they offer to customers are plug-and-play, seamlessly integrating themselves into more value chains. Combined with secure cloud solutions and advanced data analytics, banks can deliver highly tailored and profitable outcomes to the end customer [2: "Centrality....self-reinforcing ecosystem around the bank"; 3: "Nodality...."Financial institutions provide the necessary infrastructure and serve as trusted nodes connecting individuals and small groups in a global network of 'micro-banks'....powered by blockchain" ]
3PW  RL  F571 
february 2018 by lafgrp
FS-ISAC Announces API to Facilitate Customer Data Sharing
QUOTE The use by many financial aggregators of “screen scraping” — a technique by which third parties retain bank customers’ login credentials in order to display account information — has raised security concerns throughout the industry. The use of an API like FS-ISAC’s can facilitate this information exchange more securely.
3PW  FK  F571 
february 2018 by lafgrp
Global tech giants will threaten Australian bank tax receipts
The Australian Bankers Association is on red alert to the increasing presence of tech giants with the era of "open banking" looming — and its chief executive is warning that they could harm the tax ecosystem (paywall) which has so far ensured that bank profits are not sent offshore. Anna Bligh describes it as a "heightened challenge" for the government and adds that the task for banks to deliver customer-centric services will "intensify as the number of innovative fintech companies locally and particularly from overseas will grow rapidly."
3PW  TM  QN  F571 
february 2018 by lafgrp
Jeremy Ridgway on Open Banking in UK
QUOTE In the short term, Open Banking will prove to be a damp squib. Leaving aside the fact that five banks will not meet the deadline for its introduction — and a lot of media hype about its benefits — a recent Which? survey found that 92 percent of the public have never heard of Open Banking — and of those that have, very few people would ever trust or use it.
1PW  JR  F571 
january 2018 by lafgrp
Open banking reform reaches Hong Kong
However QUOTE “We don’t envisage a scenario where Hong Kong moves towards the mandatory open banking regime of the UK/ Europe,” says James Lloyd, Asia-Pacific fintech leader at EY. “Australia is the only country in Asia-Pacific likely to implement something comparable, at least in the near-term.”
3PW  PDF  F571 
january 2018 by lafgrp
Open Banking in UK: how the security works
QUOTE the UK has taken a simple approach to security. It has applied the same rules to apps as to direct debits. What this means in practice is that it is your bank’s responsibility to vet apps for safety, and if an app takes money without your authority, it is your bank – and not the app developer – that has to refund you. Your bank can then chase the developer to get their own money back, but that part of it isn’t your problem. All the same, some are concerned that people may fall for fraudulent apps, manually entering bank details which then give them access to your account – and if you use an unapproved app, then that isn’t covered by the Open Banking guarantee.
3PW  999  F571 
january 2018 by lafgrp
Bankers fear they will get Amazon-ed in tech disruption
QUOTE The tech giants have the brands, customer reach, digital processes and flair to develop good products, and to take swift advantage of any regulatory changes. A recent survey by Bain across 22 countries suggested customers are open to potentially buying financial products from tech firms, leaving banks vulnerable. In China, leading technology firms have already moved into banking and insurance at scale. Ant Financial, part of Alibaba, is already as big as the ninth-largest US bank.
3PW  4LN  GB  F571 
january 2018 by lafgrp
Amazon Bank: When Will Banking's Worst Nightmare Come True?
QUOTE Traditional banking providers are definitely vulnerable. In a Bain & Company survey of more than 133,000 banking customers in 22 countries, consumers said they trust Amazon and PayPal with their money nearly as much as their banking provider. Some 55% of U.S. consumers said they are open to buying financial products from established tech firms. And 73% of Millennials said they would be more excited about a new financial offering from the likes of Amazon, Google, Paypal or Square than from their bank.
3PW  4LN  LB  F571 
january 2018 by lafgrp
Open Banking is next week. Here's the man making it happen
QUOTE What will startups be able to do with the data?
The classic example is, at the moment there are tools that allow people to better understand their financial situation, to look at their own budgets and aggregate information from different accounts. About two million people in the UK use them but they have to give up their passwords to do so. So they really care about it. In Open Banking, that two million could become 20 million.

But that's still people just learning more about their finances: a financial dashboard. Open Banking also enables payment direct from accounts, so now could you turn that into a personal financial assistant? A service - and it may be powered by AI - that sits in the background and monitors everything that you're doing on a day-to-day basis and then tells you, "You're on the wrong credit card, you should switch." Then moving is a click away, as opposed to a weekend of admin.
3PW  4LN  GB  F571 
january 2018 by lafgrp
Have bank lobbyists rolled back the opening of EU financial services?
Mark O'Keefe QUOTE A cynic may argue that seeking an exemption to provide access to the customer interface gives existing providers the opportunity to 'choose' to provide a poor service to the third parties for several weeks or months — by which time their customers may have given up. The fact they cannot use the customer interface means they cannot provide continuity.

It seems the lobbying from existing providers may have tilted the odds back into their favour at the eleventh hour.
3PW  F571 
december 2017 by lafgrp
UK: Open Banking deadline extensions for five firms
CMA has given extra time to a handful of banks to comply with Open Banking requirements to publish APIs for third parties to use. However, following admissions from Barclays, HSBC, Royal Bank of Scotland, Santander and Bank of Ireland that they would not be ready in time for the January 13 deadline, an extended timeline has been laid out for them, ranging from a few weeks (Barclays, HSBC and RBS) to several months (Bank of Ireland). According to the FT, Santander's Cater Allen private banking unit will be granted an extra year to comply.
3PW  PDF  F571 
december 2017 by lafgrp
Australia: Bank of Amazon? Facebook Financial? Regulator could open banking to tech giants
The Bank of Amazon could yet become a reality — if recent soundbites from Keith Noreika, stand-in leader of the Office of the Comptroller of the Currency, are anything to go by. The current set-up means that super-retailers like Amazon and Walmart cannot disrupt the sphere currently dominated by financial institutions because there is a sacred distinction between banking and commerce already in place. However, Mr Noreika has been questioning the established order in recent days. "[The separation] serves the interest of the status quo without regard to why the separation exists in the first place or whether the separation has any usefulness for today's economy. If a commercial company can deliver banking services better than existing banks, we hurt consumers by making it hard for them to do so", he said on Bloomberg.
3PW  F566  F571 
november 2017 by lafgrp

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