In our increasingly digital economy, building customer experiences is critical. For industries that deal with credit risk and are challenged to simplify customer onboarding flow while acquiring enough information to provide the right service to a customer, open banking is very useful.
Everybody likes clean data - especially dev and data teams working on projects under strict deadlines. In reality, data preparation takes a significant effort and open banking data is perhaps more so than other data sources. In this article we will highlight some of the reasons why open banking data is so raw and what developers and data scientists can do about it.
Financial technology pioneer Ferratum Bank has chosen Nordigen as their European partner for open banking insights. The partnership will promote greater financial inclusion by helping extend financial services to Ferratum’s customers.
In recent years, tech giants like Apple, Google and Amazon have started planting flags in the financial sector, intruding on traditional financial institutions. Facebook is finally joining the race with Libra, its digital currency described as a “simple global currency and infrastructure that empower billions of people.”
As a society, we are gradually moving away from paper cash, increasingly gravitating towards alternative digital payment methods - contactless-cards, cryptocurrency, mobile and wearable technology. Regulatory driven initiatives like EU's PSD2 and UK's Open Banking are propelling financial innovation and enabling the emergence of new products and services.
“Lending and Banking: Connected” was the tagline of this year's Lendit Fintech Europe conference in London. The event connected more than a thousand attendees, speakers and industry professionals to discuss the future of finance. Here are three lending lessons that we took away from the amazing event!
“Lending and banking are converging.” Lendit Fintech Europe 2019 returns to London as the definitive event for fintech leaders to connect and reimagine the future of finance. Here are the five hottest Lendit topics for banks and lenders that has out team excited!
Open Banking is hailed as the most revolutionary financial regulation of the 21st century and the best thing to happen to consumer finance since the credit card. At Nordigen, we strongly believe that a worldwide adoption of open banking will greatly improve the financial lives of billions of people. We therefore see it as our mission to ensure a global adoption of open banking.
Open banking is powering a multitude of potential value-adding use cases, from getting better financial offers to tracking payments and controlling multiple bank accounts at once. However, despite regulator enthusiasm and an emergence of a multitude of open banking powered apps, the benefits are still far from reaching the minds of the masses.
Open Banking is hailed as the most revolutionary financial regulation of the 21st century and the best thing to happen to consumer finance since the credit card. In this article, we'll be taking a look at what open banking is, how it works and who it benefits, as well as the global impact open banking has created for financial inclusion initiatives across the globe.
Open Banking is the secure way of giving providers access to consumer financial information. The initiative is designed to help financial institutions offer their consumers a clearer view of their finances, enable them to make quick, easy and direct payments and shop around for the best available services on the market.
Facebook's Libra is a new global digital currency that will allow the billions of Facebook users to make financial transactions on a global scale. The move, however, has been met with widespread lawmaker concern and is feared to have the potential to shake up the world’s banking system. In this article, we will focus on how Facebook’s Libra (and its wallet Calibra) can leverage open banking standards to their user advantage.
Open banking has been hailed as one of the most important - if not THE most important financial industry regulation of our century. Open banking ensures that banks have to share consumer transaction data with regulated third-party financial services. Traditional banks no longer hold the monopoly on consumer transaction data, enabling transparency, consumer data ownership and greater industry-wide competition.
In her piece on workplace diversity, Financial Times contributor Alicia Clegg talked to representatives of several global companies about what it takes to help a diverse team succeed. Nordigen was prominently featured as a startup that has managed to maintain its teams both diverse and goal-oriented by applying what we call the 'culture-fit test’.
"It has been fun times working with Nordigen. With their help and expertise of transaction categorisation we can definitely improve our scoring models. Our cooperation with Nordigen helps us give out even faster and fairer credit decisions than ever before," says Fixura´s CEO Petter Lingonblad.
Nordigen, the leading global account analytics provider, is opening its first Spanish office in Madrid. The new office will serve as a focal point for fostering closer relationships with Nordigen's clients in the Iberia region. The office will be headed by Country Manager Alexandra Adamowicz Callejas.
The rise of Open Banking is ripe with opportunities for adopting new apps and solutions for analysing account data. Raw data on its own, however, doesn’t equal actionable insights. The missing ingredient enabling fintech solutions to enrich raw account data is a transaction categorisation engine.
Predictions are kind of our thing. At Nordigen, we’re helping banks and lenders make better predictions about their loan applicants using Open Banking. Having made numerous past forecasts about its applications, we think it’s high time to make a few predictions about the future of Open Banking itself.
Income verification is amongst the most important procedures that a bank or lender conducts before approving a loan. The process is equally important for large retail banks and small online lenders alike — the aim is to use income information for calculating whether the customer can afford new liabilities (i.e. do “affordability” checks) and whether the customer fits the risk profile of the lender (ie. do “credit risk” calculations).
The growing number of account aggregation service providers has significantly reduced the barrier for banks and lenders to get access to customer transaction histories. As the PSD2 and Open Banking initiative gains more traction, more banks and lenders find themselves asking — “We have access to customer account information. Now what?”
We are excited to announce the closing of an investment round of 150,000 EUR by Change Ventures, the seed stage venture capital firm that backs Baltic founders, led by Andris K. Berzins, co-founder of TechHub Riga and veteran entrepreneur and startup executive. Our excitement comes primarily from having the chance to work with the Change Ventures team, which also includes Rait and Yjro Ojasaar. They are experienced in helping early-stage startups grow to become sustainable enterprises. Most of t