Open Banking and You
With Open Banking, people can own their financial data and work with fintechs to improve their lives and generate new sources of income.20 July 2020 • 2 min read
Arief works a regular 9-5 job at the bank as a bank teller for the past couple of years. He has always had an interest in collecting action figures since he was a child.
From movies and shows in popular culture such as Star Wars, Marvel Cinematic Universe and Warhammer 40K; if you can name it, he probably has an action figure from that franchise.
It has been a dream of his to open his own store to share his love of toy figures with others. After much encouragement from his wife, Putri, Arief decided to pursue his passion.
He found a cozy store in North Jakarta that was available for rent. With much excitement, he contacted the landlord to find out that he needed to pay a deposit of 3 months rent and carry out light renovation. After calculating, Arief realized he needed IDR 450 million, no small amount.
Arief had studied and worked hard all his life. Together with his wife, they had managed to eke out some savings, but they were still short.
Over the next few days, Arief approached several banks but they were all not willing to give him a loan. They did not believe in Arief's vision and were not willing to invest in him.
Disheartened but not dispirited, Arief tried several fintech apps. He was again disappointed to learn that they were unable to lend him any money as they did not have any data on him.
In a last ditch attempt, Arief tried one more fintech app. This app was built upon Finantier's Open Finance platform which allows fintechs to learn about Arief's financial history by understanding his financial history.
By connecting to Finantier's APIs, the app was able to verify Arief's identity, perform KYC and credit scoring to extend a loan to Arief.
The barriers of operating a business across borders are coming down.
Open banking technology is allowing big institutions, start-ups and everyone in between to take the same model and apply it to any country they operate in - slashing development costs and time-to-market, creating vast opportunities for growth.
Thanks to Finantier's Open Banking solutions, Arief was able to fulfill his dream. Want to help businesses like Arief's? Feel free to reach out to us. Finantier aims to build a world where people own their financial data so that they can improve their lives. Join us on this Open Finance journey.