As they announce via their press release:
Nordea is launching Instant Reporting, a new Open Banking solution that enables corporate customers to access their own accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in PSD2 and turns Open Banking into a commercially viable product.
This is part of their strategy of bringing Open Banking to Sweden. Nordea’s Open Banking platform was launched at the end of 2017 when Finnish customer data was made available to third party developers.
Their developer portal is clearly a very well presented, engaging experience for which they won the Banking Technology Award for Top Digital Innovation in 2017. Their Open Banking brochure provides a comprehensive introduction and there is a Trello roadmap and Github repo.
Gunnar Berger explains how to close the gap to the future, The promise of Open Banking
October 10th, 2017 at Nordic APIs 2017 Platform Summit, in Stockholm, Sweden. Gunnar Berger explains in a storytelling format “How to close the gap to the future, the promise of the open bank”.
“The combined changes in technology, consumer behaviors, and regulations are fuelling a rapid transformation of the financial landscape. Reactive banks risk losing business to innovative proactive banks can gain business by teaming up with the new players. Nordea is developing an open banking platform based on the open API technology to cater to the PSD2 compliance needs but also to create new possibilities for the bank”
At 1:00 Gunner introduce the subject matter of his summit that he was “fascinated by a guy developers and I want to tell you a story about what you have meant for me and my company you change something big that was ongoing through years and make us a supertanker when it comes to changing course takes a while , you made us change course but we did it extremely rapidly”
At 1:35 He revealed that he was responsible for making PSD2 compliance and was awarded thousands of euro to run the project.
To create run the dice that will work for PSD2 compliance. When he started this project he found out that most people have a problem with focusing on Bolton compliance and may be looking at the opportunity. A new course was set out that, they have to wait to reveal the new stuff before they proceed.
At 3:34 A graph was shown and he explained that there is something remarkable happening in the financial industry but not happening in the telecom industry and other industries
Then they created an internet page where external developers and companies can sign up. After 72 hours of setting up page, they were out stunned to see 300 people signed up to the page.
What made them get all these sign-up PSD2 is because they are the only one talking to the fintech no other bank does that.
At 5:00 Gunner said they were happy at the feedback they got from the market. They have created an expectation in the market. When the sign-up page was closed there got 700 sign-up PSD2. They were at least 500 fintech related sign-up PSD2 and some other banks also signed up.
With this outcome, they decided to respond by doing something that matches up to their expectations, and this led them taking different actions like sending out a newsletter and blogging.
After this, the PSD2 platforms has now turned into something different
At 10:29 Gunner revealed that they want to be like the guys in the fintech box in the image below and use the things they are strong at to achieve this goal.
Gunner’s bank is capable of getting high numbers of people once they start the fintech but the puzzling question is how to get the ordinary people to move to your new solution.
At 12:10 Gunner said to the audience present that they can offer everything listed Nordea box if they can offer things in the fintech box, although he is only interested in the brains and developers because that is what they want and the people they want to team up with
At 12:53 He said he has a vision that the PSD2 will become a market place for a solution.
They are willing to invest in this vision come true. He also stated why the bank is useful to achieve this. This will make it possible to integrate with another service provider that are non-financial and create service for their customers. By the end, it won’t be a developer portal again but an Ecosystem portal.
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