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A new direction: Innoventures seeks out the pathbreakers

traditional territory and revolutionise the banking experience for customers. The banks, in turn, have just passed the much-anticipated deadline to have the application programming interface (API) technology in place to comply with customer-sanctioned data sharing under PSD2. It’s been a tough regulatory hurdle, but they can now exploit it by teaming up with the right partners. “For years, banks have benefitted from consumer trust. But that’s not good enough anymore. Banks should also be responding to the complexity and time scarcity that people live with, and making it simple for customers to manage their finances. That is going to be enabled by technology. Technology is agnostic. You can use it for good or for bad. If banks want to keep the level of trust we have accumulated, then we have to use the technology under the right principles. “The banks have awakened and PSD2 has enlarged the ecosystem,” says Aransay. “The conjunction of the two is better services for customers.”

Going beyond the core AI-enabled robo-advice, for example, is a fast-growing trend across a number of product areas, including pensions, mortgages and insurance. It will now increase even more dramatically, thanks to the increased pool of data on which to base recommendations. Personetics is one of the leaders in this space, using cognitive banking to provide financial advice. The right partner, the right time. www.fintech.finance

We fully expect that partners will not only engage with Santander – and that’s healthy All of these impressive developments sit against a wider background of Banco Santander putting aside €20billion for digital investment over the next four years. As part of that, the global bank announced that it is investing $700million with IBM to build ‘the most advanced IT architecture of the financial sector’. A five-year global technology agreement, in addition to providing considerable annual savings for the bank on IT spend, will enable Santander Group to evolve towards what it hopes will be an open, flexible and modern IT environment. Interestingly, it also taps into Watson, IBM's renowned suite of enterprise-ready AI services, applications and tooling. In addition, Santander has now set up a Cloud Competence Centre, and is set

to benefit from building digital platforms just once for the entire group of banks, removing potential duplication and other frictions. Santander UK’s chief data officer, David Hayes, was quoted last year as saying: “I firmly believe technology will completely change banking in the next 20 years. The challenge for the industry will be to embrace those technologies – and the winners will be those that can do that in a way which is right for the customer.” No one can accuse Santander of not putting in the groundwork. Issue 13 | TheFintechMagazine

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Profile for ADVERTAINMENT MEDIA

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13