Seven years ago, a new chapter began in the world of finance. When the PSD2 directive took effect in January 2018 (read all about PSD2 here), it laid the foundation for open banking in Europe. Banks were required to share their customers’ account data securely with licensed third-party providers, but only if the customers agree. Seven years later, open banking is more than a regulatory framework: it is a global movement that continues to change financial services.
Key Milestones
- 2018: PSD2 takes effect across the EU.
- 2019: Banks must provide secure interfaces (APIs) for licensed third-party providers.
- 2020: Use of open banking services in Europe grows rapidly.
- 2020–2021: Open banking goes global, with countries such as Australia and Brazil launching their own frameworks.
- Today: Banks and fintechs across Europe use open banking to develop new solutions.
FINcredible’s Journey
Our story began with the FINcredible Rental Check (MietCheck), a digital creditworthiness check that calculates the rent-to-income ratio precisely and in real time, and verifies identities securely. This solution made processes in the real estate industry more efficient and more secure, and laid the foundation for further developments.
Another key product is the digital household budget, which provides an accurate overview of income and expenses. It is used in many areas, such as real estate financing and asset management, and helps customers make well-founded financial decisions.
Why make it complicated when it can be simple? Instead of having customers or clients search for documents and submit bank statements, payslips or employment contracts, the fully automated household budget offers a fast and easy solution. With just one link, customers can start the FINcredible Check and provide all relevant data within a few minutes. Companies and law firms receive a clearly structured PDF, with all information neatly listed and categorised.
From the rental check to process optimisation in many industries, the FINcredible Check can be used flexibly. Whether it’s verifying the identity of a new employee in HR, handling a change of bank account or verifying account and identity for a leasing contract, open banking makes a wide range of solutions possible. Transparency, security and speed are the guiding principles of the new onboarding.
A welcome side effect: have you ever thought about how much paper digital processes save? Sending a single letter by post causes around 20 g of CO₂ emissions. Imagine the savings across thousands of letters. CO₂, costs and time are reduced, without any loss of quality.
Our partnerships with banks and companies show that new solutions bring not only technical benefits, but also strengthen trust. The digital creditworthiness certificate is a prime example of how FINcredible supports customers and companies alike, by simplifying processes and creating trust.
Looking Ahead
The next stage is open finance: the broader integration of financial data, including insurance and investments. Deloitte studies forecast a market volume of more than EUR 50 billion by 2030. This development will connect the financial world even further and enable more personalised services.
At the same time, technological progress brings new challenges. AI-generated forgeries, such as realistic copies of ID cards, increase the risk of identity fraud. FINcredible counters these risks with robust verification: because identity data comes directly from the customer’s bank, rather than from an uploaded copy of an ID document, forged documents can’t be used.
Sustainability remains a central focus. By integrating ESG criteria into financial services, companies and customers can work together towards a more sustainable economy. Combining financial and sustainability data creates new opportunities for informed decisions.
Conclusion
From the rental check to versatile applications such as the digital household budget, FINcredible shows how open banking can optimise onboarding processes. Our guiding principle, “Onboarding, Made Easy”, is reflected in every one of our solutions: from fast identity verification to fully automated data processing. Companies and customers alike benefit from processes that are transparent, secure and simple.
By switching to digital processes, we save not only time and costs, but also CO₂ emissions. Together with our partners, we continue to optimise onboarding processes to make them efficient, sustainable and future-proof. Together, we are shaping the financial world of tomorrow, and we look forward to continuing to lead the way.
If you have any questions or would like to schedule a personal appointment with us, please don’t hesitate to contact us at contact@fincredible.io or via our contact form.
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