The current development offers banks more opportunities than ever. According to Tashi Gauffin from the financial technology provider Tink, each bank should find their own strengths and work hard on them.
In the banking sector, the PSD2 Directive and other banking regulations have accelerated the shift towards Open Banking. Tashi Gauffin, the Commercial Director of the Swedish financial technology provider Tink, believes that most people welcome the change. Openness and transparency are the way to success.
“In the near future, a lot of data will be available for all to use. This will allow further development, and the development of more sensible solutions. The change may take a year or ten years, either way, it’s coming,” Gauffin states.
Services for mobile customers
An open interface is at the core of everything. When more and more possibilities become available, it will be interesting to see how they will be utilised.
There is no reason why banks should offer their services only to their own customers.
“Banks have many questions at the moment: How much do we trust others? How open should we be? What all should we do? Each bank should consider where they want to go, and, more importantly, why. Each bank should find their own strength and work hard on that strength,” Gauffin states.
Customers are constantly on the move. There is no reason why banks should offer their services only to their own customers.
“Why wouldn’t I use the best service available, even if it was provided by another bank?” Gauffin asks.
Innovations are born everywhere
Tink’s application allows users to manage their various bank accounts in different banks using one application. The application can be used for transferring money, paying bills, saving, taking out loans and opening new accounts. The application has half a million users, and the interfaces have been only recently opened for developers.
Currently, the application is only used in Sweden, but the technology in the application is available to business customers across borders. Banks can use the technology, for example, in their own online banking applications.
Sweden has implemented many things that are still in the planning stage in Finland. Gauffin does not think that innovativeness varies between countries. Some countries simply happen to have pioneers who are still expected elsewhere.