Three actions that help gigs and small businesses where it matters most...

As we are slowly putting our heads above ground, we see early effects on spending and the way we spend as people and businesses. Recent research clearly shows that one in five Londoners has cancelled direct debits over the last few weeks for ‘non-essential’ expenditure such as lease cars, leisure memberships, subscriptions, etc. Charities suffer equally from full cancellations that will take a lot of effort to reinstate when the ‘real economy’ veers back.

Consent – the banks’ action button for trust

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Consent – the banks’ action button for trust

The bonding powers of free consent in relationships

Trust is in the end of the day the only real asset banks can offer their customers… Everyone agrees. Trust is the essential backbone of a happy relationship, be it a loving relationship as partners or lasting friendship. So far no one disagrees.Where it becomes tricky is in finding out how one translates trust into actions, from intention to active management.

We all know, through either failure or success that a happy relationship tends to have a few key ingredients. For one, both parties need to feel secure in the affection held for each other. It should be able to weather a few storms and not be here today and gone tomorrow. Secondly, both parties should feel free to still pursue their own life and choose to include other people either into their own lives or into the relationship. Other people can bring things to a relationship or life that enriches it for all participants involved. Finally both parties need to have a good understanding of the ‘contract’, what is it you and I have agreed upon as the goal and as the boundaries. This clarity offers the freedom and security previously mentioned.

Now let’s take this ‘to the bank’ and see how that works in an Open Banking world. A revival of the sixties where anything goes? A reflection of today’s age of churn we are becoming accustomed to? A world where banks as icons of a world bygone serve no purpose? This much proclaimed black scenario could come true if banks indeed continue to do what they did for so long: talk about trust, without any proof in terms of changing behaviour. As in relationships, the proof of the pudding is in the eating.

So rather than organising the banks and its processes inside out towards their customers in terms to be compliant to regulation such as PSD2 and then try to sell that off as being ‘open’, they should look much more intently beyond the APIs, the appstore, the fintechs and their innovation labs.

Trust as a key driver for success

Banks should start with aiming to build a meaningful consensual relationship with their customers – outside in - in which they happily and freely share their data in return for other relevant partners (read fintechs) of their choice. Next, they must provide the safe environment customers still value from their banks through a robust and focused IT department that puts security at the top of their list. Finally, practise clarity of understanding in the relationship by outlining in clear – outside in - language what service they offer and what they expect in return for a mutually beneficial journey.

The critical success factor for Open Banking is trust and a key driver to building trust is ensuring data is not lost, misused or stolen, but that it is also only used for the purposes that customers ‘allow’ it to be used for.  Consent becomes the key service enabler for trust. Being customer centric means that the starting point has to be consent driven connectivity rather than transaction driven connectivity.

By doing so they might surprise us all: consent might well prove to be the ‘trust action button’ for banks.

Conny Dorrestijn | Founding Partner BankiFi

ABOUT THE AUTHOR
Conny Dorrestijn | Founding Partner BankiFi

BankiFi’s Founding partner Conny Dorrestijn has worked in the international financial technology industry in a wide range of marketing and business development roles, most recently at Clear2Pay / FIS. She is an Advisory Board Member to Holland FinTech and AdviceRobo, Non-Executive Board Member at Arches Capital and Blanco Services and an Associate of the Digital Insurance Agenda (DIA) and the Blockchain Innovation Conference (BIC2019) and a Global Innovation Awards Judge at BAI (US) and Jury Chair of the Dutch NRC FinTech Live Awards. She is a co-host of the regular Fintech Cappuccino podcast. With inclusion across gender, age and culture high on her agenda, she is a Global Ambassador of the EWPN – European Women in Payments Network. She is an Advisory Board Member and mentor for the Money2020 Europe Rise Up programme. Her passion for generation Y and Z is translated in active student mentoring and her voluntary work for the Global Give Back Circle: www.globalgivebackcircle.org, where she is also active as a mentor for Kenyan students.

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The Fintech Power 50 VIRTUAL Networking Event

Missing real life events too? We do and would love to reconnect with you by voice, face and lots of new content around Request to Pay for micro and small businesses, monitising OpenBanking and more!

September 22,  12:00pm - CEST, Virtual event

Impact ’20

Digital and business model innovation in a digital age – Conny will speak about Banking in a New World Order – with Purpose

June 3-4, Krakow, Poland

De toekomst van het betalingsverkeer

THE national conference on the Future of payments and transaction banking is being chaired by Conny connecting banks, PSPs, merchants and corporate customers. 

April 7, Amsterdam, Netherlands

Money2020 Asia

With Asia and in particular Singapore, Australia and New Zealand moving swiftly on Open Banking Conny will be at Money2020 to meet with the banks’that get it’. Please connect for a meeting: conny.dorrestijn@bankifi.com 

March 23-25, Singapore

UK – NL Cyber & Fintech Summit

As an Anglo Dutch company BankiFi is very fit to present at this bridge building event. Topics around PSD2, Fintechs and more – free registration

February 20, The Hague, The Netherlands

Open Banking Excellence

A discussion on Banking as a Platform with Mark Hartley, Founding Partner BankiFi

February 20, London, UK

The SME Open Banking Revolution

An Experian / Finextra webinar – BankiFi outlines why SME need and deserve it the most and why banks can make this happen.

February 13, Finextra webinar – free registration

NFI Nordic Finance Innovation – Doing Digital

Event launching Chris Skinner’s latest book. Conny will present on Doing Digital with Purpose – in a new world order.

February 12, Oslo, Norway

Open Banking and SCA Forum

Conny moderated and chaired this two-day event in Amsterdam,  4/5 February 2020 with an international host of banks presenting.

 

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