Kripto berza Južne Koreje zabranila trgovinu s BiH – Investitori bez pristupa platformi od 21. juna

Jedna od najvećih kripto berzi Južne Koreje Bithumb zabranila je trgovinu sa 11 zemalja među kojima je i Bosna i Hercegovina. Kompanija je saopćila da je ovu odluku donijela u sklopu borbe protiv pranja novca. Odluka je objavljena u ponedjeljak (28. maja 2018. godine), a njen cilj je borba protiv pranja novca. Bithumb navodi kako će blokirati sve transakcije koje dolaze iz zemalja na listi NCCT-a (Nekooperativnih zemalja i teritorija). Investitori iz ovih zemalja više neće moći pristupiti platformi ili zaključiti posao od 21. juna. Postojeći računi će biti zatvoreni.…

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Bitcoin is dead. Long live the Blockchain

How blockchain technology will survive the Bitcoin crash and power a new Internet of Transactions

The recent drop in the price of Bitcoin made tremendous noise. Even if you missed the latest news, you’ve likely read about Bitcoin’s ups and downs in the past. Demand for Bitcoin is highly volatile, making the most capitalized virtual currency also the most unreliable store of value.

But there’s good news. The blockchain, the technology behind Bitcoin, is thriving, and has every chance of becoming a game-changer for a wide range of Fintech companies not limited by cryptocurrency transactions. So let’s get to know what is blockchain technology and what bitcoin crash brings.

What is the blockchain and why will it survive the Bitcoin crash?

It’s time to untangle the terms Bitcoin and blockchain once and for all. A blockchain is a distributed public database of all transactions made by a network’s participants. The main point of a blockchain is that each transaction in the distributed ledger has to be approved by consensus. In other words, the majority of the database’s participants have to verify a transaction before it’s completed.

A blockchain is a distributed public database of all transactions made by a network’s participants. The main point of a blockchain is that each transaction in the distributed ledger has to be approved by consensus.

A blockchain allows strangers to exchange value in a transparent and trusted way without involving third parties like banks. And guess what? The blockchain isn’t all about money, let alone all about Bitcoin. The blockchain is primarily about decentralized records of events that are shared by all parties involved in the chain.

The interest of innovative leaders including Google and Facebook proves that the blockchain will be a top global technology of the coming decades. Mark Zuckerberg recently announced plans for Facebook to examine how the blockchain might optimize their service. The fact that some countries, including the UK, are even considering introducing official cryptocurrencies also proves that the markets for Initial Coin Offerings (ICOs) are no longer the sole interest of so-called miners and Bitcoin traders.

Why is Bitcoin a mirage?

Since its introduction in 2009, the price of Bitcoin has increased tremendously. Today, one Bitcoin is worth more than $16,000, but the currency’s real value remains rather insignificant. As long as the price of Bitcoin continues to increase, the ups and downs will become more drastic and unpredictable. From the very beginning, the most capitalized virtual currency has borne several substantial weaknesses by design, preventing Bitcoin from becoming real money.

Bitcoin may hardly be considered a viable and stable store of value due to its extreme volatility. Today, the cryptocurrency’s price is likely to go up or down more than 20% in one day. Bitcoin’s major — and almost only — real-life application is a relatively low-cost method of transferring value over long distances. But most buyers aren’t acquiring Bitcoin to use it in traditional monetary transactions. As a result, the current demand for Bitcoin is mostly artificial, and the price may drop drastically at any time.

Bitcoin may hardly be considered a viable and stable store of value due to its extreme volatility. Today, the cryptocurrency’s price is likely to go up or down more than 20% in one day.

If you want to benefit from blockchain technology, the future is in alternative cryptocurrencies, or so-called altcoins. The majority of altcoins, including Litecoin and Ethereum, use the same blockchain technology as Bitcoin. Being designed differently than Bitcoin, however, these altcoins are much more secure, sustainable, and reliable as virtual money. For example, Litecoin takes substantially less time to add new blocks to the blockchain. And with Ethereum, you can easily create secure contracts that will hold the money until a specific goal or date is reached.

The blockchain turns legacy businesses into tech innovators

Imagine a not-so-distant future when you don’t need to use any centralized systems to complete transactions. Instead, we might pay for insurance or healthcare by means of peer-to-peer transactions, play online games and stream walkthroughs for a dollar, delegate retail ownership to third parties, receive money directly and invest in our children’s education without expensive banking services. The blockchain tech is already bringing these ideas to life.

Today, transactions still rely on banks, which provide a certain authority. While living life online and going through the casual routine of receiving and sending emails, updating software, or cleansing your system from viruses, you always get some assurance from a service provider. You see a pop-up message saying that your email has been delivered, that your system is safe, and that your software is up to date. You trust these messages just as you trust the bank that’s responsible for your financial payments.

However, you don’t see what happens on the backend. If something goes wrong, is the service provider lying or simply wrong? Payment security is weak because payments lack transparency; they’re hidden from the user’s eye. Nevertheless, we have no other choice than to trust banks or other authorities if we want to provide or receive some service.

Blockchain technology implementation can change this. A blockchain records past and present events, which cannot just be hidden or removed. The data about these events is transparent and recorded in real time which makes it almost impossible to be deleted at least if you don’t control more than a half of the entire network power. In terms of privacy, the blockchain is an anonymous transaction system in which individuals may reveal their identities as desired and as permitted by blockchain users themselves.

A blockchain records past and present events, which cannot just be hidden or removed. The data about these events is transparent and recorded in real time which makes it almost impossible to be deleted at least if you don’t control more than a half of the entire network power.

Every event has a precise record of successful completion. To commit fraud, therefore, it would be necessary to create a whole new chain of events that would prove the false event to be true. This is exceptionally difficult to do and requires much power and effort. With a blockchain system, you can forget about paper checks or signatures as proof for health insurance or tuition payments. Blockchain technology allows you to create your own digital token that can be used as a currency among app users. The technology also gives you free rein to implement transparent, secure, and nearly costless votes on corporate or even national issues.

Software developers are ready to implement blockchain solutions around the world

Even though the blockchain remains the most promising Internet of Transactions technology, it’s still far from widely used apart from cryptocurrency. Software developers play a key role in providing transparency and reliability to the ICO markets, so they are the main drivers bringing blockchain technology to a wide range of industries.

There are already blockchain-powered applications enabling supply chain managers to track goods as they’re being transferred and make payments using hot and cold wallets. This technology will soon be everywhere, so developing an app based on blockchain technology can turn you into a leader in this fast-paced environment of secured decentralized systems with unalterable records of events.

There are already blockchain-powered applications enabling supply chain managers to track goods as they’re being transferred and make payments using hot and cold wallets.

Below, our blockchain experts share their ideas on how to implement this technology in different fields to solve problems we face every day.

Blockchain for verified and transparent customer reviews

One example of a potentially successful implementation of blockchain technology is for user reviews of products, services, and businesses. This could be a blockchain-based platform that rewards users for sharing feedback on items and helps users choose products based on a clear and trustworthy review.

The current problem with user reviews is that they can be manipulated or simply false. Customers can’t say for sure if a review was written by a real person who has experience with the product or if it’s just manipulation by the manufacturer or an interested third party. Who knows? Maybe it was written by an artificial intelligence system that provides short human-like reviews by the thousands.

A blockchain review platform could post feedback after it’s validated by most of the participants, just as it works with cryptocurrency transactions. In addition, the most valuable reviews could be rewarded by a platform for their high-rate among participants.

A blockchain review platform could post feedback after it’s validated by most of the participants, just as it works with cryptocurrency transactions.

Blockchain for trustworthy collective contracts

Another use of the blockchain might be in a platform that could solve the problem of consumers not being able to buy goods that are only sold in bulk. Let’s assume you want to buy one spare part for a car from an OEM, but they only sell this unit in batches of hundreds. You can’t afford such a huge purchase, and apart from that what would you do with the other 99 units?

With a blockchain platform for collective contracts, you could gather multiple customers who want to buy one or a few of the same unit. These customers could pay through the platform, knowing that their money won’t disappear and will be guaranteed to be returned if not enough buyers are found for the contract to be executed.

With a blockchain platform for collective contracts, you could gather multiple customers who want to buy one or a few of the same unit.

Blockchain for fraud-free ticket sales

One more example of the blockchain’s potential is in ticket sales. Have you ever had a situation when you were looking for a last-minute ticket to see your favorite star or sports team or to fly to your aunt for the holidays? You could still buy a ticket from a third-party platform, but for a crazy price.

Why does that happen? Because some sneaky middleman dealer buys all the tickets to sell them according to his own terms that are profitable only to him. To avoid such dealings, a blockchain-based platform could limit each customer’s ticket purchases based on the verified number of people who will attend an event or be on a flight. And a blockchain, with its collective approval, is the right fit to save you from paying twice for a service.

The business world finally can take a deep breath after the hype around Bitcoin and focus on what really matters. The technology that will rise from the Bitcoin crash is the blockchain. It could destroy outdated institutions and establish financial relations that are transparent, affordable, and safe. What would you prefer? To see exactly what happens when you make a transaction or to trust a third party that everything’s okay without knowing for sure? I bet you’d prefer the transparent and secure option based on blockchain technology.

Intellias is ready to help you find out how exactly the blockchain might work for your business. Contacting our experts is the first step toward your transparent, sustainable, and prosperous future.

Originally published at

Bitcoin is dead. Long live the Blockchain was originally published in Fintech Weekly Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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UK Fintech needs to look beyond payments for an Indian summer

Nothing like a well-timed meeting between two political powerhouses to showcase the importance of India to Britain post-Brexit. But while last month’s carefully crafted photo op between May and Modi inevitably grabbed the limelight, it is by no means the only blossoming relationship between the two nations.

By Fraser Bell, Chief Commercial Officer at BSO

The City of London Corporation has teamed up with the High Commission of India in an attempt to support the development of, you guessed it, Fintech. But like so many new initiatives surrounding perhaps the buzziest of business buzzwords, this particular link revolves around a familiar area — payments. It is easy to see why. After all, with cash accounting for the majority of transactions in India, and around one fifth of the population still without banking, the door is wide open to support a financial digital revolution across India.

This is all well and good, but investors need to understand that fintech is about much more than just payments. As such, political partnerships need to broaden their horizons beyond one specific part of the financial sector. There is endless tech innovation taking place within financial markets at the moment. And it is not like there is a shortage of firms in this space that would benefit from stronger ties between the UK and India. As a case in point, there is a growing need for specialist technology and services to support the growth of currency trading in India. The rupee, for example, is currently tied with the Russian ruble as the 18th most frequently traded currency in terms of FX turnover — valued at $58 billion daily according to the Bank of International Settlements (BIS). On top of this, the Securities and Exchange Board of India (SEBI) recently allowed the Bombay Stock Exchange to open a few futures contracts for major currencies against the rupee.

All this provides numerous profit-making opportunities for those trading the Asian currency markets. This in turn gives the chance to more specialist Fintech providers to get in on the act. When trading in and out of the region, traders will be seeking new tools that help deliver the fastest possible access to pricing. In addition, as volumes start to rise, the most reliable and scalable underlying IT infrastructure will be required. The latter is ultimately fundamental to the continued liberalisation of currency trading across the region.

With national annual GDP growth hovering around the 7 per cent mark, coupled with ongoing market appetite for alternative investment opportunities following Trump’s tariff threats on China, clear growth opportunities will emerge in Fintech beyond payments. Due to its less sexy appeal, market infrastructure and technology may not be receiving the same level of attention currently given to payments. This has to change. For new commercial doors to open, political partnerships need to go above diplopic visits this summer and start properly recognising the opportunities for UK Fintech firms throughout the financial markets.

UK Fintech needs to look beyond payments for an Indian summer was originally published in Fintech Weekly Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Why Lenders Need Digital Transformation For Financing Proposals

Lenders are facing more competition than ever. From e-commerce giants to rideshare apps and investment banks. Applying for a loan or other forms of credit is getting easier, which is why traditional and fintech lenders need to be ahead of the competition to retain market share.

By Gianluca Bisceglie, Visyond

Getting in on the consumer and business loans market are companies that don’t need to go through a digital transformation. Companies such as Amazon, Rakuten Ichica, PayPal, Alibaba and Grab, a ride-share service in South East Asia who recently acquired the Uber network in that region — were born in the digital era. Now you can access finance and credit from any of them.

Between e-commerce giants, fintech startups and digital challenger banks, consumers have more options than ever when they want a loan. New lenders offer products aligned around the needs of digital consumers, often providing lending decisions within minutes, not hours or days.

Ultimately, that is what lenders need to provide to remain competitive. To achieve that, lenders need to go through a digital transformation of back-office functions.

How to transform financing proposals?

As Jim Marous, Publisher of the Digital Banking Report said in an article, “To digitally deliver an exceptional customer experience, an organization must build from within, engaging all functional areas and stakeholders.” This means doing more than creating an app, which Marous compares to putting “lipstick on a legacy pig.”

He says this transformation needs to include “all back-office processes and data flows to make sure they are in alignment with what is required by the digital consumer.”

For lenders handling a large volume of financing proposals (products that are often more complex than simple small-scale consumer loans), this means reviewing the following areas before looking at the user experience of the lending process:

  • Data flow: Lenders need to absorb a lot of information to come to a decision. Unfortunately, if this isn’t collected and processed quickly, borrowers will go to those they know to have a fast process to get the finance they need.
  • Review your information sources: Application form, credit checks, internal risk analysis, external signal checks, and see what can be streamlined. Understand how to make efficiencies to bring systems together, or overhaul legacy systems, to provide a more efficient process for stakeholders, colleagues and customers. Where necessary, introduce machine learning and other new tools to speed this process up.
  • Dynamic risk analysis (underwriting criteria): One area that can cause bottlenecks is underwriting. Especially when each case is assessed on its own merit. Criteria and risk analysis can also change on a regular basis, depending on a wide variety of factors.

Not everything in this process can be automated. However, with new tools, such as Visyond, underwriting can become more efficient. Your underwriters can update risk factors in a spreadsheet that everyone can access (without worrying about breaking formulas or over-writing data), while audit trails and other controls keep the companies lending criteria safe.

Alerts. Fraud is on the increase. Customers need to know their data is safe, especially when it can be stolen and used to take out financial products.

Predictions. Anticipating customer needs is the most effective way to provide ongoing solutions that fit their goals and circumstances. Taking a proactive approach, using past financial behavior and current activities, puts you, as a lender, in a stronger position when a customer is ready to take another step in their life, such as upgrading a car, buying a house, or investing.

• And then the application process. With everything else in place, you need to ensure the application process is smooth and frictionless. A mobile-friendly application is an essential part of the modern lending landscape, even when you work with brokers and intermediaries. Help those that send customers to you make it easier for the end-user.

At every step of the way, put the customer and their needs first. Simplify and streamline former analogue processes. Implementing these changes incrementally will make it easier to make the transformation, and ultimately, improve the customer experience, providing these changes start in the back-office, with data flows and systems, not just looking at the apps used in lending applications.

Gianluca Bisceglie is the founder and CEO of Visyond, a cloud-based spreadsheet automation software that enables finance and business professionals to collaborate securely whilst building models, streamlining routine spreadsheet operations and performing analysis in a quick, and easy, intuitive and visual way.

Why Lenders Need Digital Transformation For Financing Proposals was originally published in Fintech Weekly Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Real Estate Fintech: What We Have Learned So Far, and a Few Predictions for the Future

Real estate crowdfunding came into existence after the Global Financial Crisis. Several high profile startups got started around 2010–2012, spurred in part by the JOBS Act which streamlined the process of raising capital from individual investors. As the Internet transformed one industry after another, the real estate investment space appeared stodgy and overdue for disruption.

This article outlines some lessons we have learned from the successes and failures in this space so far, and a few predictions for the future.

By Jan B. Brzeski, Arixa Capital

  1. Real estate crowdfunding is creating new and valuable options for investors. Today there are many companies that will allow investors to participate in real estate with as little as $5,000. In this sense, real estate crowdfunding companies have indeed begun to democratize real estate investing. Also, they have created alternatives to some questionable practices such as the original non-traded REITs which often charged their investors high up-front fees to invest. Thankfully, most of the new breed of companies we will discuss have avoided this approach, and have instead funded early operating losses by raising venture capital.
  2. Nobody has a proven, profitable business model — yet. The hallmarks of a great start-up investment are a disruptive product or service that can yield a large-scale, profitable business. Five or more years after many companies in this space got their first funding, isn’t clear that any of them have figured out how to make money. Of course Amazon went from its founding in 1994 to 2001 without ever recording a profitable quarter. However, while there are some interesting companies in the real estate crowdfunding group, none of them can yet claim to have Amazon-like or Uber-like potential.
  3. The industry is segmenting along two axes. All of these companies, and the entire real estate investment industry, breaks down based on a few distinctions: (1) debt (lending) focus or equity (ownership) focus? (2) brokerage model or investment management model? Beyond these distinctions, one can further differentiate industry players based on typical project size; asset type; or geographic focus.
  4. There have been many pivots. Realty Mogul and Fundrise both appear to be focused on launching and managing small non-traded REITs which invest in real estate — which is different from where both companies started out. LendingHome has continued their original strategy of originating fix-and-flip loans, and is now also offering loans for owner-occupants. RealtyShares serves as a mortgage broker in many cases, and has exited the single family residential financing space to focus exclusively on commercial real estate. The shift in strategies is to be expected in a nascent industry, but it also speaks to the difficulty of finding a sustainable business model in this industry so far. One common theme has been that venture-backed companies have hired aggressively, taken on a lot of overhead, and then typically needed to let people go or change strategy because they and their investors were not confident that they had yet established their long-term success formula.
  5. Lines between fintech and traditional players are blurring. LoanDepot has built a sizable business providing home mortgages by hiring hundreds of loan originators and opening offices around the U.S. At the same time, they are investing heavily in technology to optimize the customer experience and streamline operations internally. Are they a fintech company or a conventional mortgage lender? The answer is, they are both. Like Charles Schwab, they are simply a successful company seeking to provide value to their customers in any way they can, across every available channel that makes financial sense.
  6. There is no dominant marketplace for real estate among today’s players. One of Silicon Valley’s favorite types of start-up success is to establish a dominant platform where there was none before. Think about eBay, LinkedIn or even Google, each of which amassed dominant market share through a positive feedback loop of one kind or another. The more people used their services, the harder it became to displace these industry leaders. In real estate crowdfunding — as in the larger real estate investment industry — there are no dominant players. CBRE is the most prominent commercial real estate brokerage firm, but even this impressive global company has low market share as compared with the entire brokerage industry. Likewise, Blackstone Group is considered the largest real estate private equity firm with $120 billion of real estate assets under management. Meanwhile experts estimate the value of global real estate at $217 trillion (Source: Even after stripping out all owner-occupied homes, this puts Blackstone’s market share well below 1%.
  7. There is no Adobe for the real estate industry either. With their PDF file format and other innovations, Adobe became an industry standard used by virtually everyone — both in business and for personal applications. Who hasn’t sent or received a PDF file in the recent past? In the real estate investment world, having industry standards might be helpful in many ways. For example, a standardized way of handling escrows, loan transactions or even comparing one investment to another on an apples-to-apples basis would be very valuable. Sadly, no such innovation has arrived in the past 10 years. Having funded more than 800 investments in that time, the author’s company has been eager to adopt new approaches that would streamline operations. However, I can report that we are conducting business largely the same way we have since inception — by meeting borrowers and seeing their projects in person; assessing property values through comparable sales; and then closing their transactions as smoothly as possible, still using title and escrow infrastructures that are largely unchanged in decades.
  8. Curating investments remains as important as ever. Blackstone has grown into an industry leader in large part because they have chosen investments that made money for Blackstone’s clients. Most real estate fintech companies are also curating or selecting investments, in one way or another. They must identify sponsors (individuals) who are competent and honest, who have projects that make sense. This may sound simple but as any experienced real estate investor will tell you, it is easier said than done, particularly with the vagaries of the market cycle. Choosing the right investments or opportunities to share with the investors they have aggregated will prove to be the single most important factor in the success or failure of these companies, as with any real estate investment business.
  9. The most respected real estate investors are busy making investments, not building fintech companies. Most real estate crowdfunding companies started by focusing on the opportunity to use technology in novel ways, and/or the regulatory changes brought by the JOBS act (namely, the relative ease of raising capital from individuals after the JOBS act passed). The most seasoned investment managers did not join — and still have not joined — into the fintech fray, because they had no need to gamble on how this novel area would work out. They had strong reputations which they could leverage with or without using new technology aggressively. In this way, real estate investment and real estate crowdfunding are very different from, say, the old fashioned garage sale vs. eBay. Garage sale operators had no robust defense against the growth of eBay, but real estate investment managers have decades-long track records which cannot be replicated by upstarts quickly.

In summary, the real estate investment and mortgage industries are likely to follow a similar path to the larger investment industry. The future will not be defined by “old” and “new” companies that either ignore or embrace technology. Rather, there will be successful companies that take good care of their clients — some of which are new, and others well-established — and all the other companies, who will go out of business eventually. In retrospect, we should not be surprised that no new entrant has yet disrupted the entire business. Facebook exploded because young users with few entrenched ideas adopted it, and it spread from their as a new way for us to socialize. In contrast, real estate investment and mortgage decisions are largely the domain of relatively older people, who are unlikely to embrace new things for very important decisions, until they have proven themselves to be reliable over time.

Real Estate Fintech: What We Have Learned So Far, and a Few Predictions for the Future was originally published in Fintech Weekly Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Open Banking: once in a generation opportunity?

Open Banking represents a once in a generation opportunity to transform the quality of information provided to consumers and enable them to take more control of their personal finances. But will it succeed?

By Ian McKenna,

With 40% of UK working age adults having less than £100 in savings, as identified last year by the House of Lords Financial Exclusion committee, there is a clear need to help consumers better manage their money. In 2015 a study by Able Skills identified the ability to create a budget as the number one thing British consumers wished they had learnt at school but did not.

There is no shortage of fintech apps available to help consumers take more control of their money. Services such as Bean and Chip use what have previously been known as personal financial management tools to provide a host of benefits for their users and help them avoid unnecessary additional expenses. Even smaller financial advice firms are also now able to offer their clients such personal financial management services either via practice management software suppliers like Intelliflo and True Potential or stand-alone client portal providers like Moneyinfo.

Banks may have good reason to be fearful of the impact of Open Banking. Recent research by Bain & Co of over 4,000 UK consumers identified that 63% of banking customers are willing to share information with another bank aggregator or fintech if it helps them get a better deal. This figure gets even higher for younger and more affluent customers, who generate a disproportionately high percentage of banks’ profits.

The more personalised insights fintechs and others can now offer could have been made available by banks for many many years, but giving customers better information, such as how to avoid going overdrawn and making their money last until the next payday, could hurt bank profits. In practice banks want customers to run out of money just before the end of the month, so they take expensive, but low risk, credit. This is a stark conflict of interest.

It may be better for consumers to obtain Open Banking services from their savings or pension providers, or even their financial adviser. Any organisation involved in savings needs to help clients make sure they have enough money every month to afford their contributions.

Whilst Open Banking is pressing ahead under the close scrutiny of the Competition and Markets Authority, sadly the same cannot be said for the parallel project in long term savings, the so called Pension Dashboards. After making significant progress in late 2016 and early 2017 with two prototypes having been successfully created in just a few months, the project was moved out of HM Treasury to the Department of Work and Pensions.

There it seems to have lost its momentum. A command paper on its future was due to be presented to the House of Commons in March, but this appears to have slipped into Q2. Frank Field MP of the Work and Pensions Select Committee recently advocated the pension dashboard should only be available from the new single guidance body, putting the new consumer body on a collision course with the investment and financial advice firms that will pay the quango’s bills, before it even opens for business.

Under the Treasury regime there was a clear requirement that the project be delivered using a federated approach so that any organisation that could demonstrate suitable credentials could provide dashboards, in the same way as any firms with the Account Information Service Providers (AISP) regulatory permission can provide Open Banking services. Delivering a service only available via a, yet to open, government help service would severely constrain consumer choice and miss a golden opportunity to give customers better access to their savings information.

The pensions dashboard project is rapidly assuming the characteristics to be the next failed government IT project with a telephone number size bill being written off by taxpayers. When originally conceived, as part of the Financial Advice Market Review, it was to be funded by the pensions industry. If pension providers and advisers are to be denied access to the service, how can they be asked to pay for it? So will the cost fall back on the public purse?

The FCA have, in the AISP permission, implemented regulations that could also be used to ensure all organisations providing pension dashboard services have suitable bonafides. If the DWP do go down the single dashboard route I would expect to see pension organisations build their own collaborative service. Further work has been done since the original prototypes were built by insurer-funded fintech Origo who have a service ready that could be rolled out in just a few months. It would be important for insurers to allow competitors to emerge so as not to fall foul of competition legislation.

Rather than treating consumers banking and savings separately, the pending failure of the pension dashboard project should be used as a stimulus to expand Open Banking to deliver a holistic picture of a consumer’s personal finances. This would be a real benefit to taxpayers and be a great example of the UK’s fintech leadership capability.

Ian McKenna is the Director of the Finance & Technology Research Centre, founder of and was an Independent Member of the HM Treasury Pensions Dashboard Steering Group

Open Banking: once in a generation opportunity? was originally published in Fintech Weekly Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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