Open season for banking with Eyal Sivan (a.k.a Mr. Open Banking)
Fintech Daydreaming
00:00
FinTech Is a Great Example of the Ability to Reach Distribution Channels
A bank out of Indonesia. Promata Bank, in the absence of any regulation, released an API to open accounts. They actively market it like a product to go to FinTech events and they try and get developers to use this account open. One of them is a marriage planning app that lets two people who are engaged, plan their wedding, create a kind of gift registry, and open an account. A joint account. And everybody who comes to this app who contributes gifts or purchases all the financial activity, all the deposits go into this account. That's not 10% or 20%. That's 400% increase in new accounts through a channel that had nothing to do with banking. This was
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