by The Economist reports that forthcoming European payments regulation has the potential to disrupt the industry. Provided the customer has given explicit consent, banks will be forced to share customer-account information with licensed financial-services providers. … payment services … could become more integrated into the internet-browsing experience … With access to account data … fintech firms could offer customers budgeting advice, or guide them towards higher-interest savings accounts or cheaper mortgages. Those with limited credit histories may find it easier to borrow, too, since richer transaction data should mean more sophisticated credit checks.
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Dirk Niepelt considers the following as important: Bank, Competition, European Union, Fintech, Notes, Payment
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The Economist reports that forthcoming European payments regulation has the potential to disrupt the industry.
Provided the customer has given explicit consent, banks will be forced to share customer-account information with licensed financial-services providers.
… payment services … could become more integrated into the internet-browsing experience …
With access to account data … fintech firms could offer customers budgeting advice, or guide them towards higher-interest savings accounts or cheaper mortgages. Those with limited credit histories may find it easier to borrow, too, since richer transaction data should mean more sophisticated credit checks.