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Munich based fintech helps a German cooperative banking group to digitize

FinTecSystems is one of the leading account information services and smart data providers. Now it is helping the PSD banking group to digitize. The FinTech with BaFin permit provides the condition for the digital banking information to the PSD banks with the account view. Digital bank statement data combined with intelligent categorization make the credit check and thus the bank risk management more precise and precise. With digital banking information, bank lending decisions are made in the shortest amount of time. And consumers benefit from the paperless loan application and the lean process that goes with it.

The Digital Bank Statement

With the account view FinTecSystems delivers the digital bank statement with the transaction history of the last months. Within the credit application, PSD Bank then rates the data, creates a financial statement, performs the automatic credit check, and then makes a credit decision. For the applicant, this means that the submission of salary statements and bank statements is no longer required.

Hans-Jörg Flöck, Managing Director of the service company of PSD Banken mbH, explained about this. According to him, real-time, fast and accurate credit checks are a prerequisite for such offers as digital consumer credit. Based on the financial information provided by FinTecSystems, they can approve loans with tailor made terms in minutes. The integration into their IT systems was trouble free right from the start. And together with FinTecSystems, they are resolutely driving digitization forward in the interests of the customer.

The PSD Bankengruppe is a modern, cooperative direct banking group.Today it consists of 14 independent cooperative banks, the central service company of PSD Banken mBH and the PSD Banken e.V. which is headquartered in Bonn. As a technology partner, FinTecSystems will also be available for future projects. TÜV certified FinTecSystems received BaFin approval in March 2019 as an account information service and as a payment initiation service. With its open banking platform, the Munich based company is able to cover more than 100 million accounts at more than 5,000 banks.

Martin Schmid, Chief Customer Officer at FinTecSystems says they are very excited about working with PSD Banks. Because PSD Banks has chosen Digital Account Check as one of our strongest services. On the one hand, they want to use digital banking information to pave the way for a quick lending decision. On the other hand, to support banks in their risk management. For example, with digital banking information loan losses can be minimized significantly, which reduces costs and makes bank internal risk prevention processes more efficient.

About The PSD Banks

The PSD Banking Group is a modern, cooperative direct banking group and today consists of 14 independent cooperative banks and the central service company of PSD Banken mbH and the Association of PSD Banken eV, based in Bonn. As a cooperative direct banking group and part of the cooperative financial group, PSD Banken does not focus on achieving high corporate profits, but rather on providing advice and support to around 1.2 million customers through more than 2,000 employees. The 14 PSD banks see themselves as adviser banks offering all the services and advantages of a retail bank. And on the terms of direct banks. As the only direct banking group in Germany, the PSD banks offer personal advice and support in 60 local branches.


Also published on Medium.

Published inFintech

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