11 Results from 2016
Konstantin Rabin Head of Marketing at Kontomatik
Money is not the only thing banks store in their premises. The other valuables are counted in bytes — or even petabytes, i.e. client data. Everything about customers, from their personal information to incomes, spending, shopping habits, their investments, insurances and so on, is kept in bank databases. And banks are not willing to share these re...
29 November 2016 /retail Innovation in Financial Services
Some time ago, I read an article by a former employee of a video store, which vanished from the surface because of the supremacy of video streaming services like Netflix or Hulu. Although the store survived much bigger competitors such as Blockbuster, it couldn’t live longer with constantly declining customer base. People simply changed their pref...
28 July 2016 Innovation in Financial Services
Brexit still remains a hot topic in the media. The consequences of the British referendum will have—well, they already do—a profound impact on the world’s economy. Fintech companies are no exception to this and they will face new challenges when the UK is definitely out of the EU. What should fintech players expect in the new reality with Britain ...
04 July 2016 /inclusion Innovation in Financial Services
In the last century, banks faced two major crises, which resulted in economy collapses, bankruptcies, new regulations and a more secure environment. In 1929, just before the Great Depression, the banking system crashed, because there was huge unbalance between deposits and loans – around 1:9 – and no or scarce government guarantees and regulatio
16 May 2016 Innovation in Financial Services
Google Company — now renamed to Alphabet — started as an academic project on Stanford University exactly 20 years ago. After these two decades Larry Page and Sergey Brin, the students, who developed BackRub search engine that became the foundation for Google.com, are leading one of the biggest companies in the world (listed #40 on Fortune 500 an
10 May 2016 /retail Innovation in Financial Services
There were the times when banks had almost everything. They offered deposits, loans, cards, money transfers, currency exchange, insurances and so on. And the most compelling thing was that they had almost no or little competition. Unfortunately for banks, these times are over. New players on the market found their niches to challenge the big ones. ...
02 May 2016 /payments /retail Innovation in Financial Services
Recently I've made a post about the importance of preparing for PSD2 already now. Even though it got quite popular, I thought to myseulf - why don't we take a step back and focus on expaining banking API in very simple words? I got inspired by the title of an article "How I Explained Blockchain to My Grandmother" and decided to make a s...
18 April 2016 /retail
The PSD2 directive will be effective starting from January 2018 — a plenty of time it seems. However, two years for EU member states and banks to incorporate new regulations are in fact very tight schedule. Meeting new directive requirements means to banks a lot of work on infrastructure. They typically rely on legacy systems with monolithic struct...
08 April 2016 /retail
When banking APIs emerged, or even when their processing screen scraping technology was used, banks hysterically objected, trying to block this “extraordinary” access to their clients’ data. It wasn’t only security precautions, which drove this reaction — banks often referred to as opening the Pandora’s box — but mostly something very simple and p...
17 March 2016 /retail /inclusion
The mother of all European Union banking regulations, Payment Services Directive (PSD), was adopted in its revised version – the so-called PSD2 – by the European Parliament last October. This updated Directive imposes new duties on banks in order to make the financial ecosystem more competitive, safe and secure; ultimately, better for consumers. ...
22 February 2016 /retail
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