Fintech cashier has been digitizing its current processes and also uses data insights to help shed light on how people can make more sustainable choices. That’s where open banking comes in. Here are various ways we use open banking to promote sustainability.
As an innovative and leading-edge company, we offer valuable insights into people’s transactions – such as money spent on leisure or businesses – enabling our clients to make better choices in the future. Open banking aggregates categorizes and analyses billions of transactions every day. Financial institutions can then use this data to identify patterns and provide individuals and businesses with actionable goals. Some companies have already begun to use open banking to help their customers live better lives. Luckily, open banking gives companies the chance to reward their customers for making truly sustainable choices. As such, people can send money swiftly globally, manage their cash flow, and send euro transfers in seconds.
Open banking has proved to be highly effective in helping businesses go paperless and deliver more speedy services to their customers. Processes that traditionally relied on paperwork can now be done digitally. Risk assessments, as an example – customers would previously have to submit physical documentation and financial statements to be processed and reviewed. Now they can give access to their financial data with a few clicks. No documents are needed.
Consumers can add electronic receipts from over 4,500 stores across Europe into the app, categorizing and calculating spending against income. Once a user connects their bank account, the app matches each receipt to their online banking transactions. This measure offers people more significant insights into their financial information than ever before and motivates them to switch from paper receipts.
By harnessing the power of open banking, businesses can support themselves with quality data – or knowledge to build services that make a difference and build their reputation as an agent of change. For example, FintechCashier is already building an ecosystem of partnerships to help banks offer better digital experiences, increase efficiency, and improve sustainability – all at once.
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