Open Finance: 7 ingredients for successful financial apps

Build financial applications that users will embrace

Just like retail brands, players in the banking, finance, and insurance sectors are subject to the logic of changing packaging or launching a new product every six months! All sectors are facing the acceleration of the product life cycle and are engaged in a permanent race for innovation.

Not surprisingly, the future of your business depends on digital services. The challenge can be summarized in two points:

• Create products that users will adopt without hesitation, with the shortest time to market.
• The ability to achieve this while respecting security and compliance rules is fundamental.

Revolutionary solutions and use cases around financial services, payments, and business processes are multiplying. What do they have in common?

It’s time to apply the right recipe to design a solution that is sure to find its audience. Find out the 7 ingredients used by innovative solutions.

 

7 ingredients used by innovative solutions.

1. Availability
The most popular apps are available, functional, and within reach 24 hours a day. They have become part of the daily life of many individuals and the business processes of a growing number of companies.

2. Crossing and combining categories
Fundamentally disruptive, these solutions open up new possibilities by :

• Bringing together commerce, payment, and retail finance
• Combining accounting and administrative services with enterprise software and banking services
• Enabling non-bank players to offer financial and payment services

Giving birth to the “super-app” combines communication, commerce, and on-demand services, such as dining and travel, with payment and banking services, all on a single platform.

3. Composability
The solutions are built using their bricks and bricks from third parties. They even integrate account data and payment services from competitors.

4. Continuous evolution
In a competitive and demand-driven environment, improvements are required continuously. As a result, these solutions are heavily maintained and monitored to ensure a reliable experience, mainly since they rely on multiple third-party services and sources.

5. Virality
These solutions have their marketing built into the product. Relying on the network effect, they are constantly working to make the user experience as convenient and seamless as possible. Large disruptors such as Lydia in France are inherently viral, being able to enter a market by offering a straightforward service (sharing bills between friends), then expanding into payment or digital wallet services, or even offering loans and investment products.

6. Agility concerning regulatory compliance
By offering financial and payment services, these solutions are subject to the most stringent standards to which they must constantly adapt.

7. Security
Finally, bank-level security is critical as banks handle money and personal data over the Internet.

 

Rely on an Open Finance platform.

The applications that work are carried by an Open Finance platform that allows you to:

• Retrieve the most relevant data beyond the scope of PSD2 to open up more possibilities. And this is in all sectors of activity.
• Support the complexity of orchestrating data and payment services.
• Provide a scalable infrastructure with all the necessary monitoring tools for smooth operations.
• Deliver a quality of service that is second to none and a user experience that engages and converts.
• Facilitate regulatory compliance management so that apps designed are compliant by design. The platform should be able to eliminate the need to manage to obtain a banking license, the need to deploy your own, or the need to implement PSD2-compliant permissions.
• Make applications secure by design.

The final overriding criteria:

• Provide access to innovation through an ecosystem of partners.
• The strategic partner providing this framework must guarantee the implementation of proven solutions and access to future standards with a clear roadmap.

Tap into the power of Powens’ Open Finance platform today.