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Eyal Nachum, Bruc Bond’s fintech guru and board member, has a message to banks: it’s time to embrace open banking and the cooperation it can bring. The advantages of working together with alternative providers far outweigh the risks of loosening control, he says.

The movement to a more open and interconnected financial world has already begun, with clear steps taken both in the European Union and in Asian markets towards this goal. Europe’s Payment Services Directive (now in its second iteration, the PSD2) served as the kickoff shot on the continent. It opened up the banking system to the entry of so-called non-bank financial institutions (NBFI), who have taken on large chunks of the labour previously done by banks. …

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Over the last few years, fintech has changed the landscape of banking and payments. Bruc Bond Board Member Eyal Nachum thinks that more change is needed as the industry matures.

From London to Singapore, NBFIs Have Changed the Game

From London to Warsaw, from Vilnius to Singapore, non-traditional financial institutions have firmly established their presence in the major cities of the world. In Europe, non-bank financial institutions (NBFIs) are providing services to a growing cadre of corporate clients and retail consumers. Britain, for instance, can boast of a wide range of consumer banking apps, while Lithuania plays host to a large number of business-oriented NBFIs. …

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In anything you do, the most important thing to be is consistent. The second most important thing is to be open and communicative. This is doubly true when it comes to handling people’s money, says Eyal Nachum of Bruc Bond. From London to Warsaw, from Vilnius to Singapore, in all walks of life and in all capacities, people want to know that they can count on you. This is why communication is a foundational value for Bruc Bond, underpinning everything we do around here. It is more than a means, it is a goal in itself.

A survey of banking customers conducted by Smart Communications found that almost two-thirds (63 percent) would consider switching banking providers if communications don’t meet their expectations. That says a lot. What should worry the living dinosaurs of today’s banking world is that people’s expectations have shifted dramatically over the last decade and change. In fact, it’s safe to say that big banks have a big problem. …


Bruc Bond

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