In the past decade advanced technology and regulations have rapidly transformed the way in which the financial sector operates. Technology changed the way customers interact with their financial services providers as digitalisation drives the demand for seamless integration of financial services into the ‘daily lives’ of the tech-savvy customers. FinTech players emerged, who with their agility and customer centric propositions challenge the status quo.

The first wave of FinTech is driven by emerging technology and specialised services. Where banks traditionally serviced their customers throughout the value chain, FinTech parties focus on specific parts of the universal model and aim to compete on isolated services and products. Building scale and reach turned out to be one of the biggest challenges. With established players seeking for new capabilities while being hindered by their legacy systems, their mutual dependence was born, exemplified by a large number of acquisitions and investments.

Slowly the dynamics are changing again: successful FinTechs are taking advantages of their digital capacity to scale their operations with limited incremental costs and at the same time incumbent players are forced to embrace the FinTech line of thinking internally as well. Their mutual dependence remains, but more in form of partnerships. At the same time a more opportunistic approach is rising, with FinTechs taking their share.

Now that the market is opening up due to PSD2 and Open Banking the competitive landscape will diversify even further. Combined with the ability to gather and use vast amounts of data, this presents one of the biggest market opportunities for FinTechs, ranging from smaller challengers to Big Tech, to take their position in the more traditional landscape.

At Taurum Trading we embrace this development, and help FinTechs in their growth, building sustainable income streams and more general, navigating their way through the complex financial services sector.

Banking executives are gradually starting to understand that Open Banking will have key implications for their future competitive positioning and related digital transformation activities. Open Banking can be defined as a business approach in which value creation results from sharing, providing and leveraging access to bank resources through application programming interfaces (APIs).

Open Banking is set to transform digital experiences through embedded value propositions across customer journeys co-created with third parties that leverage access to bank resources. This ultimately will add customer value and put the customer more in control of its data. Banks that are able to put the required capabilities in place to effectively and seamlessly engage with third parties will benefit from an early mover advantage and opportunity to future-proof their competitive position.

Payments

The payments market is developing at a rapid pace. Apple Pay, Wechat, Garmin Pay, Bunq, PSD2, Payment requests, Instant Payments are just a couple of developments that will influence industry dynamics and influence customer payment behaviour moving forward. Let alone the customer’s ever-increasing expectation to access and use these services in a digital and seamless way. What will the payments world look like in the future?

At Taurum Trading, we support our clients defining and developing their Instant Payments strategy. We help financial service providers set out strategic direction and define value propositions that are relevant for both corporate and retail customers. Using our combined knowledge in open banking, cybersecurity and two-sided markets, we deliver a broader perspective to Instant Payments. Recently, we helped a banking association in formulating their vision and strategy.

Data Sharing

  • Exploration: We take a close look at your goals and your maturity level, help you fine-tune your digital transformation, define use cases and identify ecosystems.
  • Ramp-up: We bolster the necessary skills, expertise, technology and management ability to help you take the next step in your digital transformation. When facilitating consortia, we activate them into a ‘coalition of the willing’ and make sure conditions are met for successful co-creation.
  • Design: We help to design real-world solutions, either within your organisation or within your ecosystem.
    Implementation: Implementing a strategy is equally as important as developing one. Therefore we strive to make your strategy happen. We translate your data-sharing strategy into an operational plan, define the requirements, manage the process across multiple organisations if necessary, handle the vendor selection and more. Above all, we want to make sure your strategy is tangible and adds value.
  • Operation: We realise the adoption of your data-sharing solution and make sure that the development will continue to be relevant.

Digital identity

Digital Identity most importantly revolves around the actual identity that is represented by the digital identity, not just around organisations offering services to this identity. Combining consumer insights with business requirements Taurum Trading approaches Digital Identity as a two-sided market, taking into account the importance of network effects and incentives for service providers in the network. Through co-creation, prototyping and other collaborative tools, Taurum Trading brings together all relevant stakeholders for your situation and together design the best solution for all involved.

Our expertise covers all phases of bringing Digital Identity propositions to market: designing, developing, implementing and improving digital identity solutions. Whether you are a single business, a sector association or a consortium of public and private organisations, Taurum Trading can provide consulting services for everything related to Digital Identity.