Today Tieto announced a new partnership with Nordigen, the global account data analytics fintech helping banks and lenders leverage the power of Open Banking.
This comes as a response to new advancements in account data analytics, Open Banking regulation and an evolving customer that now demands innovative financial solutions from their providers. With this new partnership, Tieto strengthened its position as an agile organisation that delivers new services, concepts and innovations to the market.
Nordigen’s solutions will enhance Tieto's Insurance-in-a-Box and WealthMapper ecosystems by consuming account data for transaction categorisation. Via a digital toolkit, users will have a complete picture of their own wealth, what’s accessible and which actions to take. What this means in practice is that a truly end-to-end wealth management service - which offers everything from customer facing services to back-office solutions - is now available.
Nordigen is a global account data analytics provider helping banks and lenders leverage Open Banking to improve their banking and lending experiences. Nordigen enables both banks and consumers to assess and prove creditworthiness beyond traditional credit reports by providing an analytics tools to leverage account data.
"Our innovative account-data analytics solution will enrich Tieto's ecosystem with an advanced solution and help customers launch new innovative services. In addition, Nordigen will be able to build new businesses in geographies where Tieto is driving its business,” says Roland Mesters, CEO of Nordigen.
“The Nordigen partnership will develop the Tieto Insurance-in-a-Box and WealthMapper platforms further. With the PSD2 regulations, it is important for our customers in the banking and insurance sector to find new business models and ecosystem partners to stay relevant to their customers. I believe this partnership will help our customers be more competitive and deliver greater experience to their clients," says Sameer Datye, Head of Business Development, Insurance & Wealth Management at Tieto.
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems.
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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.