Blockchain serving innovative banking demonstrators

In 2018, the entry into force in Europe of the Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR) created a legal framework conducive to the crossing of data from a customer’s different banking institutions to offer them multiple services.

In addition to better protecting users against fraud and theft against the backdrop of increased cybercrime and facilitating the use of online payment services, the stated objective of the PSD2 is to promote competition and innovation with the emergence of innovative services. In fact, with the PSD2, the European Commission initiated the opening of banking data, that is to say that this data is no longer monopolized by banks but can now be made available to other players, including newcomers and intermediaries (FinTech, Insurtech, account aggregators, payment initiators).

ALTEN’s Banking-Finance-Insurance experts in charge of ideation (Design thinking, guidelines) thus work in collaboration with the Group’s Innovation Labs in Sophia-Antipolis and Rennes in charge of the R&D approach, architecture solutions and the development of demonstrators. In line with regulatory changes (GDPR, PSD2), they offer banking and insurance players several opportunities to implement innovative approaches and thus offer new services.

Banking demonstrators

multiple classifications at the heart of the work carried out by the ALTEN teams
A banking-finance-insurance service aggregator
to offer tailor-made customer experiences
A user-centric solution
for the transparent management of personal data
A cobot
to support private banking advisers
A phygital payment solution
for secure transactions between individuals

Adapting to the challenges of security and openness

The transformation created by the joint application of the PSD2 and the GDPR has given rise to a new challenge: providing opportunities (aggregation of banking data) and guaranteeing security (protection of personal data).

An objective at the heart of the work performed by Thierry Roger, Director of one of ALTEN’s Innovation Labs, and his teams, who have developed innovative banking demonstrators to offer new services and approaches to players in the Banking – Finance – Insurance sector.

A consolidated view of its assets, cross-analysis of banking and insurance data, management of precise GDPR consent… the possibilities are endless! These innovations are made possible thanks to the use of blockchain technology, which offers new paradigms of security, traceability and storage of transactions adapted to the GDPR and PSD2 revolutions, particularly through the concept of Smart Contracts.

« By authorising the crossing of banking data, the latest European GDPR and PSD2 regulations are revolutionizing the Banking – Finance – Insurance sector and offer the opportunity to create new professions and services. And ALTEN Labs are already invested in supporting the Group’s customers in this digital transformation.»

Thierry ROGER, Director of the ALTEN Rennes Innovation Lab and BFI Programs

Open banking: which approach to implement to succeed in the next step?

PSD2 compliance has resulted in a major paradigm shift in the European financial ecosystem. It is now a question of making this digital transition a success by taking advantage of the opportunities offered by the aggregation of banking data, or open banking, and in particular the new uses that it generates. In other words, financial players must now offer innovative products and services to their end customers, through the use of interbank data.

To support its customers in this process, the Banking – Finance – Insurance teams at ALTEN have adopted an approach to identify the obstacles to the implementation of open banking and the technological levers to be activated in order to overcome them. Trust, Customer eXperience, blockchain and Artificial Intelligence thus lie at the heart of the innovative POCs developed by banking experts and the ALTEN Group Labs.

 

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