Final Tech Report HD - Flipbook - Page 25
However, the following innovations will deliver improvements –
making a smoother and faster end-to-end application and onboarding process a reality. PSD2 open banking is here – not
that you would necessarily know that as a consumer yet! The
ability to get electronic bank data, with customer consent, in a
standard format brings the possibility of automatically
verifying income and spending behaviours. It allows non-bank
players to play on a more level playing field with an applicant’s
existing bank who already have this data.
No more having to upload PDFs of bank statements to
support credit applications. Beyond the on-boarding space,
it has other possible uses for bank aggregation applications
and spend analysis. The UK, which launched open banking
two years ago, has some interesting use cases and vendors
who are looking at Ireland as an attractive next step, given
the common language and access into the EU PSD2 market.
Expect to see a number of innovations in this space in the
next 12 months.
Digital ID – the concept of a trusted digital ID that
consumers can use to verify their ID with any company is an
intriguing one for many sectors but, given the heavily
regulated nature of Financial Services, it’s a particularly
interesting one in our industry. There are products in
development by both domestic and global players like
Mastercard, and while a universally accepted digital ID is still
probably not on the horizon in the next 1-3 years, it’s a
definite possibility.
Central Credit Register (CCR) evolution – the CCR is still
relatively new, but they have at least started with a sound
technical approach and an API infrastructure which makes
integration easier.
The CCR's ambition is to grow their product’s scoring
capability which, coupled with the earlier mentioned
innovations, should allow for more true 'instant decisions'.
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