The Benefits of Democratising Data

Sep 20, 2018 / by Mariana Wille

Just a few years ago, only a few people in the financial industry had access to an individual’s banking data. Data was ‘owned’ by a few major players such as large financial institutions, and all access had to go through these information gatekeepers. Limited sharing of data has resulted in a stagnated offering of banking products to customers that have not significantly changed in decades: people are paying too much for their overdrafts or money sits in current accounts earning little, or sometimes even no interest. To summarise, customers are not happy.

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Topics: Tech, Credit scoring, Banking, Payments, Compliance, PSD2, GDPR

Banking Innovation: Lessons From FinTech

Sep 12, 2018 / by Simon Edström - CEO

Since the 2008 financial crisis, the banking landscape has undergone a seismic shift to a new age of innovation and digital transformation, marked by the advent of FinTechs companies. By observing and often experiencing first-hand what banks offer – or do not offer – these new entrants have targeted what consumers perceive as the failings of banks to capture significant market shares.

6% of global consumers have shifted their primary banking relationship from traditional banks to newer companies  with better technologies and simpler products. This percentage is on track for continued growth. In 2015, one in seven digitally active consumers was using FinTech. In just two years, that number has risen to one in three. The banking landscape is fast moving from an era in which a handful of big banks dominated global markets. This is a significant shift in the banking landscape: one that’s driven by radical changes in consumer preferences and underpinned in part by a generational gap.

Image Credit: Fineas Anton

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Topics: Tech, Instantor news, API, Banking, PSD2, GDPR

Consumer Finance Today: Latest Ebook Release

Jul 12, 2018 / by Sarah Kok

Few industries are transforming as rapidly as the financial industry, with financial institutions striving to gain a competitive edge on their peers. Traditional analog methods are being left behind as industry leaders implement technology to improve speed, efficiency as well as to meet customer needs in an altogether more comprehensive manner. In this fast-paced and unique environment, how can you navigate the market successfully?

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Topics: ML, AI, Tech, Lending, Finance, Compliance, PSD2, GDPR

The Truth About PSD2's Impact on Banks

Jun 14, 2018 / by Mariana Wille

PSD2 is reshaping the entire financial ecosystem all the way from traditional financial players to third-party providers (TPPs). The regulations will make it easier for technology companies, FinTechs and challenger banks to increase market share in a space that has been long dominated by banks. The resulting improved competition in the financial market, ultimately means more innovative solutions for both B2B and B2C customers. 

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Topics: PSD2, GDPR, Lending, Finance, Compliance, Banking

Ultimate Guide: GDPR Impacts on Credit Ratings

May 11, 2018 / by Raiha Buchanan

The rate of data growth is quite staggering. According to George Lee, CIO at Goldman Sachs, 90% of the world’s data has been created in just the past two years alone. With more and more data available, many agree that stricter regulations are needed to protect the rights of consumers’ personal data. Particularly in light of the recent Facebook data breach, it is important that measures are put in place to protect consumers’ rights as well as clarify how companies can interpret data to ensure these rights are protected.

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Topics: Credit report, Credit scoring, Data, Risk, GDPR

A Sneak Peek into Instantor's New Products

May 3, 2018 / by Helene Stafferöd Westerlund

You are probably familiar with our income and ID verification products. Now, after seven years, 250 bank integrations, 22 markets, and millions in end-user-usage, our product portfolio is evolving.

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Topics: Data, PSD2, GDPR, product, Instantor news

8 GDPR Tips Every Financial Marketer Should Know

Apr 10, 2018 / by Astor Winston - Marketing

The GDPR is anxiously anticipated in the financial sector as banks and other financial institutions rely heavily on customer data. What can marketers do to ensure the successful transition to achieving GDPR compliance?

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Topics: GDPR, Compliance, Marketing

GDPR; What Marketers in Finance Need to Know

Apr 6, 2018 / by Astor Winston - Marketing

The GDPR is European wide legislation to harmonise data protection guidelines across all 25 member states. The new regulations will significantly shake up some marketing approaches by giving consumers the power to determine which data they will share with companies.

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Topics: Compliance, GDPR, Marketing

The Ultimate Guide to GDPR: A summary of the new EU regulation

Apr 5, 2018 / by Oskar Löthberg

The General Data Protection Regulation (GDPR) is now a fact of life for any company that gathers and processes the personal data of European Union citizens. It is not just EU companies and organisations that must conform; data-collecting entities around the world will have to deal with the new rules.

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Topics: Banking, GDPR, Compliance