SEB in the Baltics is cooperating with Nordigen to test Nordigen’s transaction categorization and behavioral analysis capabilities.
With the introduction of its API platform, SEB is already one of the banks at the forefront of delivering open banking infrastructure. While the Payment Services Directive 2 (PSD2) that regulates Open Banking in Europe is yet to be fully adopted, most innovative banks are already investing in solutions and data analytics that will create future value for their clients.
“We’re very excited for the opportunity to work with SEB and see our solution being tested by the industry’s leading professionals. SEB focuses solely on products that can add clear value to its customers. We can confidently say that the entire Nordigen team is dedicated to supporting these goals,” says Rolands Mesters, co-founder and CEO of Nordigen.
Banks committed to ensuring their customer success need to become early adopters of Open Banking and leverage new opportunities to their advantage. SEB and Nordigen have partnered to test how Nordigen solutions can help SEB reach their strategic goals.
“During 2018 SEB kicked off several Open Banking activities across the Baltic to welcome cooperation with fintechs. Nordigen was among those companies participating and initiating the first cooperation with SEB. It has been a very valuable learning experience to understand to what extent machine learning can be applied to the benefit of our customers,” commented the Head of Digital Strategy Ragnar Toomla at SEB in the Baltics.
SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and UK the bank’s operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB’s business is reflected in its presence in some 20 countries worldwide.
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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.