Knowledgebase

Open banking makes it possible to easily share your bank details with third parties. The technology has been around for a few years and is increasingly used by lenders, factoring and leasing companies in particular. What about usage? Are people willing to simply share their bank details? In this article we zoom in on the conversion rates in open banking.

The FinTech sector has experienced explosive growth over the past decade. Innovation in the financial industry is advancing rapidly, with FinTech startups increasingly at the forefront of this innovation. Recently, EY, a leading global organization in assurance, advisory, tax, and transactions, published an insightful report commissioned by the Ministry of Finance, providing an overview of the current state of the Dutch FinTech industry for the year 2023. In this article, we take a look at some highlights and insights from this report.

In the world of digitalization and data-driven marketing, businesses are constantly looking for new ways to gain insights into their customers' behavior in order to offer personalized services. With the introduction of PSD2 and open banking, an unprecedented opportunity has arisen for companies to collect and analyze transaction data for marketing purposes. In this article, we will explore how PSD2 can serve as a powerful marketing tool by providing insights into customer purchasing behavior and creating effective customer profiles.

Analyzing potential customers by credit providers primarily involves assessing creditworthiness. EnableNow, in collaboration with RiskQuest, offers a powerful set of tools to map the financial stability of a consumer or business based on bank transactions. In this article, we will explain how bank transactions can be used to better analyze customers, with the aim of making credit provision more efficient while mitigating risks.

One of the greatest opportunities open banking provides credit providers is the ability to expand their customer base. By giving customers who fail to meet the criteria of the traditional screening processes a second chance through their banking transactions, they can potentially welcome even more applicants as customers. In this article, we will delve deeper into this use case and explore how open banking enables credit providers to identify reliable payers who would otherwise be overlooked.

We are proud to share that EnableNow is partnering with RiskQuest. By joining forces, we can now provide our customers with real-time insight into transaction data via the RiskQuest Navigator dashboard. On top the RiskQuest algorithm can automatically calculate credit risk.