PwC reveals details of secret digital banking marketplace project

It’s a tale as old as time: an incumbent financial institution launching its own fintech initiative to help attract new customers.

Today, PwC has unveiled its Tysl ecosystem, which will provide companies with the necessary tools to help them succeed through a series of partnerships.

As it stands, ten fintechs have signed onto the initiative, including challenger credit agency Credit Kudos, financial API provider Codat, compliance fintech DueDil and software as a service platform Mambu.

“Banking is changing, people expect more and require personalised digital interactions,” James Morgan, lead partner on Tysl said.

“Based on the needs and expectations of tomorrow’s customers, we have developed our Tysl platform. This is helping our clients reach new customers, upsell and grow topline revenue by delivering enhanced capabilities whilst significantly reducing the costs of servicing the client from onboarding to in life servicing.”

The fintechs involved in the scheme will all adopt an API-enabled approach, allowing them to seamlessly communicate with each other, helping to create a one-stop-shop for companies’ needs.

As part of the initiative, companies will be able to tackle complex tasks such as advanced customer relationship management (CRM), know your customer (KYC) fraud prevention, credit decisioning and loan servicing.

Other fintechs involved in the programme include ID verification startup Yoti, due diligence platform Kompli global, proptech Just Move In, eSignature firm SignNow, debt management fintech Flexys, open banking firm Saltedge, credit decisioning fintech Lendingmetrics and proptech Gazeal.

By building the Tysl platform, PwC can put its weight behind smaller, more agile fintechs to help companies gain access to a host of world-class services, all in the same place, that they might not have been able to before.