Goldman considers Marcus a fintech startup supported by 147 years of experience from the global investment bank which has given it some advantages in the online lending market; the fintech startup and its use of application programming interfaces (APIs) has been part of some important digital innovation initiatives for the firm; according to Chavez, Goldman is not only exploiting APIs, but open source and cloud services as well; he refers to the integration of the three services as the most "profound drivers" of innovation in financial services he's ever experienced; Goldman has integrated APIs into nearly all aspects of its business and API-centric technology is a key factor for innovation in the global fintech market. Source
BBVA Compass, Capital One, Silicon Valley Bank, Citi, CBW Bank are some of the early adopters of open APIs that are beginning to transform how banking operates; the big question is how open will banking become and will it be mandated by legislation or will banks work with only those they trust; the one thing all banks are starting to do is make bigger investments into digital products, whether through partnerships or development as they see that the old way of banking will not survive. Source.
Open Banking has been one of the most talked about topics in fintech over the past couple of years. In...
There is a behind the scenes fight brewing between fintechs and banks who are setting setting stricter guidelines on who...
Marqeta opened their office in London in October last year and today they have announced that they have signed up...
WeChat recently started to offer users access to mutual funds, just another service they were able to add to the platform; the open platform based approach where you can plug in different services through an API is where financial services is headed; while those in Europe and the US might not be as advanced as China they know innovation like this is coming; “It really shows incumbents that they’ll need yet again to pivot to a new platform; that it’s not the bank that’s the platform anymore,” April Rudin, chief executive of wealth management marketing firm The Rudin Group, tells TearSheet; message based financial advice is the next natural step for clients who have transformed the way they interact in recent years from the phone call to the text message or chat service. Source.
Citi announced 6 API partnerships with corporations in Hong Kong as they look to expand their digital banking services; Angel...
American Banker takes a look at 6 ways payments has become a prominent theme during the Super Bowl; pizza chains...
This American Banker op-ed on open banking discusses the progress that has been made in Europe, particularly the U.K., and...
Amazon India is integrating its first small business lender via API into the Amazon Lending marketplace; India’s Flexiloans will allow...