Category: Open Finance

Open Finance

Open Banking – a reality or not

Colin Henderson

Open Banking – a reality or notAbstract: Arthur has developed here a modern contextual view of Open Banking and Open Finance. He begins with the right question “Open Banking – a reality or not”. However there are gaps worth exploring for inclusion in this summary. These gaps lie with Safety of Funds and Consumer preferences and motivation to adopt.Arthur Bedel Co-Founder @ Connecting the dots in Payments… | Global Revenue at VGS | Board Member | FinTech Advisor | Ex-Pro Tennis Player Linkedin——There remain unanswered questions in this evolving definition which are critical to the success of Open Banking. These … Continue reading Open Banking – a reality or not

Open Finance

Key takeaways from the fastest week in Fintech

Colin Henderson

linkedin https://www.linkedin.com/pulse/unpacking-fastest-month-fintech-open-banking-excellence-qhhze?trackingId=FMUEJ%2B0sXu0xdnix4iKaEg%3D%3D&lipi=urn%3Ali%3Apage%3Ad_flagship3_company%3BTnhwHVw1RYm9Xx3zOmRDYQ%3D%3Dý Money 20/20 – The place where money does business OBE’s panel session, “Open Banking Crossroads: The Global Regulatory Roadmap” kicked off the open banking discussion on the Summits & Bar stage. Featuring Ashwin Vasan from FS Vector and Henk Van Hulle from Open Banking, this session set the tone for a series of insightful conversations about the future of open banking regulations globally. Open banking was a central theme throughout the conference, with significant discussions on its potential to revolutionise financial services by enhancing consumer control over financial data. The Consumer Financial Protection Bureau (CFPB)’s proposed rule changes … Continue reading Key takeaways from the fastest week in Fintech

Business Models, Open Finance

Derivatives remain a dark secret with undocumented risks to economies and consumers

Colin Henderson

Derivates were a hot topic during the height of the banking crisis and we all remember they were the specific reason that AIG went out of business because they had been speculating in those products to an extent that far exceeded business requirements.  When the markets froze AIG were unable to meet their off balance sheet commitments in the form of derivatives and went under. What followed in September 2008 was an $85 bn bailout. The level of derivatives in the world was close to $700 Bn.  To place that figure in perspective, world GDP is around $60 Bn.  Derivatives … Continue reading Derivatives remain a dark secret with undocumented risks to economies and consumers

Innovation, Open Finance, Open Source Banking3 Comments

All banks have the same strategy | what happened to the Starbucks strategy?

Colin Henderson

It was refreshing to read this piece, and takes us exactly where innovation in financial services ought to be going – the new (old) grand ideas. Starbucks should start banking | FT What if Starbucks opened an online-only retail bank offering competitive deposit rates and a modest range of loans and mortgages? It could do that by partnering with a finance company such as ING, which has the appropriate banking licences. All it would need to do is install ATM machines in its outlets, which would involve investing some money but would allow it to get more out of its … Continue reading All banks have the same strategy | what happened to the Starbucks strategy?

Business Models, Open Finance, Open Source Banking, P2P Lending, Social Lending4 Comments

Comment on “Beyond the age of leverage: new banks must arise” | Niall Ferguson

Colin Henderson

Niall Ferguson nails the ultimate irony in the world today.  Every government is set on increasing debt as a means to solve the current crisis, however the reality is that they are potentially sending good money after bad, and not addressing the core issue. (emphasis mine) Beyond the age of leverage: new banks must arise | ft.com Call it the Great Repression. The reality being repressed is that the western world is suffering a crisis of excessive indebtedness. Many governments are too highly leveraged, as are many corporations. More importantly, households are groaning under unprecedented debt burdens. Worst of all … Continue reading Comment on “Beyond the age of leverage: new banks must arise” | Niall Ferguson

Business Models, Open Finance, Open Source Banking4 Comments

A complete stranger told me … | The power of wesabe

Colin Henderson

A sobering and powerful post on the power of social media for financial services. [hat tip mmpartee] Such advice is interesting. At first glance one might ask whether it is serious. On the other hand would this not at least make a person sit up and take note. And what if others chimed in and the average response was that the advice was correct? If we consider the development of Linux, where people participate and improve the system because they want to. Such selfless assistance is natural and a proven model. Cogent Thoughts » Blog Archive » Social Media vs. … Continue reading A complete stranger told me … | The power of wesabe

Open Finance, Open Source Banking, Profitability2 Comments

“Make it much easier for consumers to find those institutions whose revenue models most meet their needs” | Bankwatch Interviews Marc Hedlund, Wesabe

Colin Henderson

After the post on Wesabe and their new API, I was fortunate enough to be able to pose some questions to Marc. I chose three questions, and I am thrilled at the result and the time Marc took to provide his valuable insights. In particular, I would point readers towards two takeaways that I got from this: Wesabe is 100% consumer oriented, and specifically around the disproportionate increase in Bank fees, which is out of sync with both costs, and Banks’ brand messages how Wesabe views information, and through a combination of interpreted data, plus users evaluations, can produce meaningful … Continue reading “Make it much easier for consumers to find those institutions whose revenue models most meet their needs” | Bankwatch Interviews Marc Hedlund, Wesabe

Open Finance, Open Source Banking, Social networks13 Comments

Building the Bank of the Future – 2

Colin Henderson

Last October 06, I tried what in retrospect was a rather poor attempt to consider the Bank of the Future, after considering the impacts of Web 2.0. It was poor, in the sense that I mentioned tools such as blogs, wiki’s and online communities, but I had no sense of the framework or how Banks could really use the tools to break out of their current transactional approach, and add the experiential side of the equation. So, what if we looked out to 2020, and consider how consumers will engage with their Banking. Latest hypothesis: customer centric can only be … Continue reading Building the Bank of the Future – 2

Business Models, Open Finance

Top careers for the next few years is telling for Banks’

Colin Henderson

 US News produces a list of the top careers for the next few years, and there are some surprises, at least for me, and the speed of social transition.  U.S. News has sifted through trends in the economy and the workplace and has identified 25 professions that will be in growing demand as baby boomers age, the Internet becomes ubiquitous, and Americans seek richer, simpler lives. Source: USNews.com: Best Careers 2007 Here is the list – surprises for me: lack of scientists lack of technology (except for System Analyst) No Financial jobs!  Bankers beware! Medical related and Management Consultant comprise … Continue reading Top careers for the next few years is telling for Banks’

Open Finance, Open Source Banking5 Comments

Wesabe leads the way in all financial services innovation, and disruption

Colin Henderson

Regular readers will know I am a huge fan of Wesabe. Their stats amaze even me.  This kind of data and information, which I emphasize is, across many Banks, is invaluable and not held anywhere, except Wesabe. We’ve had a fantastic response to the site from our users, as I’ve blogged recently. Wesabe is currently tracking $300 million (U.S.) in transactions for our users. We have over 135,000 merchants in our system, and over a million tags applied to those merchants. People are uploading data every minute of every day. We have data from banks and credit cards in 23 countries, and … Continue reading Wesabe leads the way in all financial services innovation, and disruption