Published : 7 years ago, on 26/04/2018

To coincide with the 15th anniversary of the launch of Apple’s iTunes store (Saturday, 28/04/18), please find comment from Nancy Kalogeropoulou, UK Country Manager at Fidor Bank:

“The iTunes store, despite now being 15 years old, points to how banking will develop in the coming years.”

“The iTunes store is, in effect, a marketplace, for consumers to pick and choose what content they like. Banking is on the cusp of following this approach, whereby customers will be offered a range of services, from insurance to emergency loans, from budgeting software and apps to mortgages.”

“PSD2 is a key driver in the creation of this marketplace too. This is because the legislation requires banks to build open APIs to give others access to their customers’ information, while they can also be requesting the APIs of their competitors and innovative fintech companies in order to build their own, fully functional platform. Due to this approach, if the customer needs a financial service that the bank doesn’t offer, it can refer the customer to a partner that does offer the service.”

“Ultimately, in the coming years, the financial organisations that adopt a marketplace-first approach will come up to customers’ expectations and are going to be the ones that win out.”