We’ve written a fair amount about open banking and the many changes it will bring to the financial services industry. By now, it should be apparent that nothing will stop this evolution in financial services. Even so, some institutions continue to resist it in a misplaced effort to protect their institutions from perceived threats. While there are serious threats involved in the movement towards open banking, they can be managed and the benefits it brings far outweigh
It’s a common misconception that a company’s ability to connect its technology platforms directly to a financial institution without the need for a traditional banking portal is something new that fintech firms are bringing to market. However, this kind of metal on metal integration between corporations and financial institutions is not new. What is new is the way the data is flowing between the parties. In
The current health crisis has exposed businesses across the world to many risks that didn’t exist before. Many small businesses are struggling to survive while navigating how to remain relevant without the ability to typically meet customers face-to-face. Even as the country reopens and when this crisis comes to an end, it will take a signification amount of time before everyone feels comfortable returning to their normal lives. The financial services industry hasn’t been spared from the realities of this pandemic.
Until now, consumers and small businesses have provided credentials to fintech firms in order to use their applications. The firms use these credentials to collect data from the consumer’s accounts via screen scraping. And although consumers and small businesses alike have now fully embraced the functionality provided by third-party fintech firms, financial institutions are opposed to the practice of screen scraping as they
At a time where conducting business from a couch or a home office has become the norm, banks have a unique opportunity to find ways to expand their digital presence. The struggle many face is not knowing where to begin. The most successful banks are attracting new and retaining their current small business customers. So, what is the key to success with winning small business customers? Making digital
Atlanta, GA, July 22, 2020 – Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced the availability of its latest white paper, “The Future of Fintech’s Access to Financial Data with Open Banking.” Click here to download. The world of open banking will continue to evolve over the next several years and it is critical for financial institutions and fintech firms to embrace innovation
The outbreak of COVID-19 has changed the way we do business in America. Even though financial services institutions are considered essential businesses, most banks and credit unions have had to make significant changes in their operations with the majority of their staff members transitioning to home offices. The industry has performed quite well through this crisis, despite the tidal wave of work that came out of the Small
In a previous post, we addressed the need for banks and credit unions to invest in enhanced digital capabilities in order to attract and meet the needs of small businesses. Effective digital product management is a critical piece to enabling financial institutions to drive innovation forward in small business focused digital solutions and take more control over what Aha!
The digital revolution in banking continues. The next couple of years will see profound changes in banking as we know it, especially driven by innovations resulting from the COVID-19 pandemic. In part 1 of this two-part blog series, we covered some of the trends we expect to see more of due to the crisis and the constant development of new technology. The areas discussed included how banks are driving new deposits and loan growth, conversational interfaces in customer interactions
ATLANTA, May 19, 2020 – Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced it was selected by Teachers Credit Union (TCU), the largest credit union in Indiana, to assist with its adoption of the Constellation Digital Platform. In looking to expand the breadth and depth of its digital offerings through the use of the Constellation platform, TCU first engaged Xtensifi to help build out