Data-Fueled Finance. Is Bank Account Analytics the Next Step for Open Banking Innovation?
In many European countries, the average consumer is owning over five bank accounts and making an average of seventy payments per month. Through bank account analytics and open banking, Third Party Providers (TPPs) can harness the power of all these financial data to the benefit of the consumers. It all starts with categorisation of the unsorted banking data into highly-valuable information. Open Banking gives TPPs access to the data they require to tailor their offerings, satisfy customer needs and enhance user experiences via enriched data insights.
In this report we analyse practical consumer applications of bank account insights such as automated tax returns, budgeting notifications, credit applications, spending suggestions as well as what this means for TPPs and other open banking players.