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Articles by Ricardo Falter
The demise of the 90-day rule and the future of open banking
The FCA’s recent amendment to the 90-day open banking reauthentication rule came into effect a few weeks ago – a change that was introduced back in November 2021. It signals a new breakthrough for open banking, bound to reduce high drop-off rates and reduce unnecessary friction for consumers. Open banking services have gathered momentum and increased their user base in Europe significantly, particularly over the past 12 months.
Exploring The Impact Of Open Banking And Open Finance
But as with any emerging technology standard, progress is littered with both milestones and speed bumps. Below I will outline some of my key observations from working with leading players in this space. Open Banking will reshape the global financial services system It is no longer a question of if Open Banking will continue to evolve, but a question of how quickly it will accelerate. As Open Banking’s remit continues to expand, it will fundamentally change how we use financial products.
Top Reasons Why Mobile Banking Will Thrive In 2021
Demand for digital banking services, already rising steeply before the COVID-19 pandemic set in last year, was given even greater impetus during 2020 and is likely to have gained years of ground in what has been an extraordinary year. Stay-at-home orders and social distancing requirements meant customers who were not already familiar with operating online had to become more comfortable with virtual alternatives and a reluctance to use cash also saw cashless solutions become more in demand.
Low Code Techniques And Open APIs Can Unlock Payments Processing
This week, I read an interesting paper from Newgen Software about the application of “low-code thinking” to their business process automation domain. The paper highlighted the critical need for speed in a modern enterprise in order to respond to strategic and competitive threats. It suggests that the speed with which an organisation gets from a strategic decision to execution determines competitive advantage. It’s hard to disagree with this assertion.
Why neobanks have refocused from skyrocketing growth to reaching profitability
Collectively, neobanks have secured billions of dollars of funding to rapidly scale at all costs, however strategic priorities are now changing. There are currently 250+ neobanks live worldwide, with dozens of banking apps close on their heels and gearing up to launch. But how many of these businesses are profitable today, and how many will ever actually return a sustainable profit remains to be seen.
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