Platform banking: What it is: banks integrating services from other providers, primarily fintechs, in order to offer the bank’s customers a broader (or more specialized) range of financial services. How it works: depending on the type of set-up, the fintech’s services are usually fully integrated into the bank’s app/webpage via application programming interface (API), a connection…
It wasn’t all that long ago that new (or fairly new) businesses had few options when it came to being seen by potential customers. Direct mail was, and remains, an option, but the return on investment has historically been frustrating. And, of course, there was traditional media: newspapers, magazines, tv and radio, but relatively few…
Open banking: What it is: non-banks can access data from their customers’ bank accounts to trigger payments from within an app or website, or to provide aggregated account insights. How it works: Open banking providers connect to the bank’s system via an application programming interface (API) platform, which is a connection between computers or computer programs. It…
