Bank Millennium open banking services win international acclaim
Bank Millennium has won the Celent Model Bank award for its open banking services, which were being steadily implemented in 2020. The bank’s solutions were seen to be an excellent example of best practice in implementing projects, which have significant influence on business results and on the sector as a whole.
– PSD2 created unprecedented opportunities. From the start we were striving to take advantage of them to make everyday banking even more comfortable. This became particularly important for us immediately after the pandemic outbreak, when giving customers access to all necessary services, without the need to leave home, was a priority. Soon enough we adapted new solutions for purposes of optimisation of our processes, thus making Bank Millennium the Polish leader in open banking. We stand-out on the market by virtue of the most versatile use of solutions based on PSD2; we have been implementing them regularly since the beginning of 2020. We are very pleased that our achievements in this respect were also appreciated internationally, though this area is only budding on the market. Introducing innovative services we have cleared many a trail, and this is just the beginning. We intend to continue drawing on this potential – Halina Karpińska, Director of the Electronic Banking Department in Bank Millennium, summarised.
Celent is a global financial research and advisory firm. The annual Model Bank Awards from Celent recognise best technology practice in various areas important for banking. The nominations submitted by financial institutions undergo an in-depth evaluation process by Celent analysts. The company judges the nominations on three evaluation criteria: demonstrable business benefits, degree of innovation in the sector, and technology or implementation excellence.
– The Model Bank is awarded for the way in which banks use technology to change the face of banking. The awarded institutions should be an inspiration for others, which seek best practice in implementing projects, which have significant influence on business results and on the sector as a whole. Bank Millennium’s open banking services have confirmed this clearly – Bob Meara, Senior Analyst from Celent, emphasised.
In 2020 Bank Millennium implemented no less that four services in open banking:
- Finanse 360°, which allows comprehensive management of money from accounts through Bank Millennium’s Internet system and mobile app in as many as nine other banks: Alior Bank, ING Bank Śląski, mBank, Pekao, PKO BP, Santander Bank, BNP Paribas, Inteligo and Citi Bank.
- Transfers may be initiated via the Millenet Internet system from accounts in PKO BP, mBank, ING Bank Śląski, Bank Santander, Alior Bank and Bank Pekao.
- Omnichannel process of income verification when applying for a cash loan by means of logging on to one of eight other banks. Alior Bank, ING Bank Śląski, mBank, PKO BP, Santander Bank, BNP Paribas, Inteligo and Pekao SA.
- Identity confirmation by logging-on to another bank in the online application for a business account for new-to-bank customers. Service available for six banks: Alior Bank, ING Bank Śląski, mBank, Santander Bank, BNP Paribas, Pekao SA.
This is further recognition of Bank Millennium this year. In February the bank was acclaimed one of top ten most digitally advanced European banks according to Bain&Company’s benchmarking. Meanwhile in January it won the general classification of the 15th Banks Ranking – Customer’s Choice by BANK Financial Monthly.
More on: www.bankmillennium.pl
Last Updated on March 15, 2021 by Karolina Ampulska