Open Banking application Ideas

Summary #

tags

Open Banking, , Project X

Targets #

Businesses #

Banks #

• Specialized UX OB services

• Specialized development OB services

• AIS

  • Fast loan processing

    Access data feed it to Risk engine and decide

  • Join and enrich business data with open banking data

    • Examples

      • Invoice management + Open Banking data

        = Comprehensive finance management tool ref

        • what invoices payments are pending
        • • PFM
        • paperless invoice + PFM

      • PFM

        • Placon PFM financial butler PFM app in Germany for smart suggestions based on user transaction behavior

Non-Banks #

• Specialized UX services

• Anonymous user data

  • to create aggregate user’s profiles for BI
  • Example: ref
    • “Again” shares anonymous user data in return of climate footprint
    • “Again” collect transaction data from customers by promising them keep it anonymous and for the good of climate
    • Drive change by regulating access to data

• AIS

  • Subscription management

    • Papernets

      This is beneficial because it lets papernest analyse the customer’s transactions and detect all their subscriptions – automatically adding them to their papernest account. ref papernets, URL

    • Dyme

      When Dyme started out, there were three main problems the founders wanted to help solve – the fact that people don’t always know what they’re paying for, that people want to cancel a contract but forget or find it too much effort, and people staying in the same contract with the same provider because it’s more convenient than switching. ‘People can save €800 per year just by reviewing their energy, mobile and insurance suppliers, said Joran. ‘We want to make it possible for many more people to tap into those potential savings – without having to lift a finger.’ URL

  • subscription management from one place

    • Monitor, cancel and switch

  • Accounting

    example

  • Verify earning or Salary + Open Banking data

    • homeq income verification
    • fast and easy Car loans approval
    • to speed up the processing of product loans

  • Environment causes

    • Carbon footprint of the users
      • based on the transaction data from the carbon footprint of the Merchants or Sellers
    • Loyalty points for the planet earth ref
      • more points for shopping from eco-friendly and sustainable brands
      • help who are morally driven for this goal

    • Greenly

      ref

      • Carbon footprint from transactions.
      • Calculating and managing carbon footprint instead of money andriod app

  • Solopreneurs

    • help them to manage personal and business accounts holistically

  • Stock businesses

    onboarding to buy stocks

Individual Consumers #

PFM #

Smart PFM #

with smart suggestions Project X

Ideas #

AIS #

Sources #

1. tarabut AIS

Use Cases #

• Personal Finance management

  • Budget tracking

    

  • Plan Future Savings planning

    • How much to spend/save every month to achieve a target saving
    • How is the progress towards that goal

• Fraud Checks

  1. Anomaly defections using algorithm or ML/AI

• Categorize transactions

  • rule based categorization
    • amount
    • region
    • type of shop
  • Ability to set monthly budget for each category
    • food -> max 5000 SAR
    • shopping -> max 5000 SAR

Real Estate #

n real estate, open banking allows tenants to prove creditworthiness to landlords by allowing direct and secure access to income information. It also automates matches between lenders and loan applicants. ref

PIS #

Ideas to explore #

• investment

• resources

• time

• product portfolio to start from

  • doablity and need

  create a case for this