Tag: Open finance

What is Contextual Banking?

The world of finance is constantly shifting. As we have proven many times over, the buzzwords in this industry really make sense. They are not empty phrases but real cases that shape how customers are using FinTech products. One of the most important trends is called contextual banking. The idea is to integrate financial services into non-financial offerings. This provides tremendous value to clients and businesses alike. How does it work and what is required to push the envelope here?

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Ask Me AnyFin with Simon Farmilo: Open Banking (R)evolution

Traditionally, we put trust in banks to look after our financial data. In the past, they were the only ones with access to this sensitive information which they could use to their advantage.  This has changed with the PSD2, a directive issued by the EU in 2015 according to which incumbent banks were obliged to recognise customers as the rightful owners of their financial data and to provide them with the opportunity to decide who they want to share this information with. Open banking became a reality.

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