anyone can act like a bank
“We built a productized component that connects any app we built on the BankingRight framework with various banks out of the box.” Rogier explains. The Berlin group has defined the preferred way of connecting banks. The We are you component is compliant with this definition. “This includes an API connection, but also the critical user interaction designs to utilize the technology.” Having the technology available to connect to any bank with little to no effort, leads to the next question: what would you do with it?
The easy answer is: providing an holistic overview, enabling the analysis of expenditures over a household rather than one person or account. This leads to better personal finance management.The next step could be to use the information on savings and investment accounts at different banks to give a more accurate view of the investment portfolio. This overview can prompt a change in investment allocations, based on the risk profile of the customer.
Taking it another step further, the PSD2 is not something that is limited to just banks and investment managers. Other types of organizations, willing to comply to the right regulations, can opt to become an
- AISP offer insight into accounts and utilize the data, perhaps exchanging this data access for benefits and discounts
- PISP offer insight and even initiate payments to become the go-to channel for their personal finance, one that is particularly customer centric.
This opens up an interesting realm of business model possibilities, like providing product offerings based on consumer behavior.
Having a PISP license opens up a wide range of possibilities to integrate banking functionality in your app. Anyone can act like a bank, whether you’re an investment bank, a bigtech or a retail organization.
- Rogier Saarloos, Solution Architect We are you