“Fintern, a UK-based fintech startup, is aiming to shake up the market for low-value consumers loans with the launch of credit technology that bypasses credit scores in making lending decisions, focusing instead on affordability. Founded by a team from McKinsey, EY, Bank of America Merrill Lynch, HSBC and XiaoMi, Fintern skips traditional credit scoring techniques…
Tag: open banking
Databricks exec explains why open banking will disrupt finance the same way open source upended software
“Mostly, open banking is about data. Specifically, it systematizes the reality that the most important asset for a financial service institution (FSI) today is no longer capital or scale, but rather data. The decisive factor for adaptation and survival will be the speed at which they can analyze customer information through the use of algorithms…
How APIs Can Enable Digital-First Banking Transformations
“This can result in huge windfalls for FIs that take advantage, with some studies estimating those that leverage APIs can see increases in revenue of up to 20 percent more than those that do not. One 2019 report even found that 58 percent of API developers and consumers view standardization as the biggest challenge facing…
AI in an Open Banking World
“What is Open Banking? It basically is creating a Data Architecture where a network of institutions can share the data through APIs (Application Programming Interfaces). The data architecture is used to create guidelines on how customer data can be created, structurally stored and securely accessed.” Judo Bank Alex Twigg, Co-founder and CIO “Twigg is considered…
One-third of retail banks planning to build digital brands
“A survey of 405 global bank executives conducted by the Economist Intelligence Unit on behalf of Temenos, highlights how new technologies such as AI, open APIs and cloud are compelling banks to rethink their business strategies in preparation for a new age of digital banking. Late last month, a report from Citi warned of a…