Fintech Comment: Solve Corrupt Banks' Overdraft Problem with Open Banking

Victor Trokoudes

Founder & CEO at Plum

Views 233

Fintech Comment: Solve Corrupt Banks' Overdraft Problem with Open Banking

07.12.2017 10:15 am
The government should be building on the open banking initiative and encouraging users to connect to digital financial advisors that give them total transparency over the costs of different products so they can see what they're signing up for.

I created Plum with the exact goal of helping people to stop getting screwed over by the banks and unauthorised overdraft charges is a classic example of how the traditional banking industry is corrupt. With Plum, we can see if users are being charged unauthorised overdrafts. We will warn them this is the case and offer them an alternative to replace the unauthorised overdraft.

Ultimately, we want to live in a world where people are using the best financial products for them.

Latest blogs

Rune Sørensen Nets A/S

Why the Nordic Banks Outsource Card Processing

The Nordic countries constitute the most advanced and digitally ready payment market in Europe, and one of the most advanced in the world. Read more »

James Eardley SAP Customer Experience

The Bank of One: Taking personalisation to the ultimate level

The theory of the ‘Bank of One’ is well-rehearsed. Today’s tech-savvy consumers are demanding banking services tailored to their particular requirements. They see financial services as an enabler for other aspects of their lives, and they want their Read more »

Ioana Guiman Allevo

Instant Payments through FinTP

FinTP-Instant is a new functionality of FinTP which connects back-office applications of a bank to an Instant Payments service offered by a third party, such as the Romanian ACH, TransFonD. This functionality retrieves payment messages in the format Read more »

Martin Haering Finastra

Banks need new revenue models

The traditional banking business model is no longer sustainable. Just as the ‘GAFA’ technology firms (Google, Amazon, Facebook, Apple) have set the standard for the sharing economy, so too banks need to adapt their models to compete in a new world Read more »

Mark Jackson Collinson

How traditional players can close the gap on challenger banks

Earlier this year, Starling Bank and Monzo became the top two banks in terms of customer satisfaction in the UK, knocking incumbent First Direct from the number one spot[1]. Interestingly, this news coincided with a decline in interest in app-only Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App