While still in its relative infancy, open banking has already driven material change in the way that financial institutions consider their products, strategies and the nature of their competitors. Despite this, relatively few banks have actively looked to take advantage of the opportunity it presents to directly enhance their products and services.
Bank Millennium has begun to embrace the potential of PSD2 to support innovation. Through 2020, it launched several product and customer experience improvements as part of its strategic focus on delivering highly innovative digital services. Account aggregation and payment initiation services were the first product enhancements to launch, going live in Q1 2020. These were followed by improvements to the digital onboarding process for both unsecured loans and business bank accounts.
Through this process, Bank Millennium was able to move at speed and with strong UX and design principles at the heart of its decisions. It plans to further leverage PSD2 as part of its product development roadmaps in 2021.
Bank Millennium is a strong example for other banks to follow in using open banking to strengthen their own digital banking roadmaps and is a worthy winner of the Celent Model Bank 2021 Award for Open Banking.
Click on the video link below to listen to a conversation between Halina Karpinska, Head of Digital Banking at Bank Millennium, and Kieran Hines, Senior Analyst, and download the PDF to read the full case study.
