mFino offers a comprehensive set of digital banking and payments solutions for banks and service providers through an API layer. It empowers Service Providers with new digital and Fintech solutions to capitalize on the changing landscape. By leveraging mFino middleware and open APIs to improve functionality in their existing legacy systems, financial institutions can not only meet PSD2 requirements but exceed them comfortably.

mFino enables banks to position themselves as pioneers in leading the industry towards a more open architecture. Banks can offer AISP services allowing them to significantly increase their customer base. They can also become a PISP and develop innovative product offerings to leverage the new data collected from the customers.

Banks and financial institutions can extend their API development beyond the minimum regulatory requirements. They can empower customers or monetize the APIs with additional data not yet required by PSD2 e.g., for non-payment accounts, enriched (categorized, merchant mapped) transaction data, customer demographics, and broader financial product holdings. This data can be mined by mFino analytics platform and provide insights, readily usable by the partners. The bank itself can leverage these insights to bring in more efficiency in their marketing and risk management efforts. This transaction based marketing intelligence is crucial in creating data-driven banking products and services.

While the European banks and financial institutions face uncertainty over the shifting Fintech landscape, we see a huge opportunity.

  • Banks have almost a year’s head start before PSD2 goes into effect. This period can be used to deliver great new experiences to their customers and ensure their loyalty, way before the Fintech attack.
  • The banks own troves of data that can be used to gain immense knowledge to understand their customers and thus build deeper relationships with them. They can also gain knowledge that can make their marketing, risk management, account management and other operations much efficient.
  • There are many pieces in this puzzle, all of which have to be solved faster and better. There is a need for a strong Fintech Digital Transformation Platform that can accommodate all of the transformation and innovation.