We have a lot to share this week as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.), a look at how Open Banking is helping to cut household spending.
Our Current Coverage
• We track 2,848 banks providing Open Banking services! (+39 from last update!)
• 1,024 APIs currently tracked on our platform!
• 440 TPPs in the ecosystem! (+6)
• 86 Global markets covered! (+1)
• 35+ Open Banking API Aggregators!
• PSD2 API & PSD2 Open Banking coverage!
• Track over 60+ data points for all Open Banking projects!
And we are growing on a continuous basis... 🚀🚀🚀
Developments (May 10th to May 24th):
We initiated coverage and provided Open Banking API information for:
• Arquia Banca: a professional financial institution that was founded to cover the specific savings and credit needs of professionals, self-employed workers and companies.
• Banca 5: established in 2008 as Banca ITB SpA and became first Italian online bank. Banca 5 provides retail banking and insurance products and services.
• Banca di Bologna: offers debit and credit cards, mortgages, loans, online banking, and investment services. Banca di Bologna Credito Cooperativo operates in Italy.
• Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀
• And many more!
We continue to cover over 35 aggregators!
Open Banking Use Case Spotlight: Cutting Bills w/ Snoop
Ensuring that we get the best deal from a service provider is something that not many people worry about consistently. However, as is often the case with providers for utilities, internet service, and mobile phone plans, they offer a significant deal upfront to convince consumers to switch. Then, as time goes on, the contract becomes less competitive with the deals they offer to new members.
The savviest penny pinchers among us can stay on top of always getting the best deal, but as a study in the UK found, in 2019, more than 4.1£ billion too much was spent by households that could have had better utility package deals alone. Furthermore, as many as 20% of the people surveyed didn’t even know what plan they had with their utility provider. So, there is an opportunity here to save consumers a lot of money by simply staying on top of the different offers available in their local markets, and companies like Snoop are doing precisely that.
Through the use of Open Banking, and with permission given from the user to access the account information, Snoop’s AI keeps an eye on the different payments that transact from the accounts. Then the AI can match individual payments with deals available in the user’s area, so the user can be aware of most of the money-saving opportunities available to them. Consequently, making it much easier to stay on top of household bills, and keep more money in consumer’s pockets.
Open Banking is allowing regular users to save money in their everyday spending. This technology paired with personal assistant AIs has the potential to significantly impact a lot of households' bottom line since a large portion of the population lives paycheck to paycheck. We’re excited to see what other innovations Open Banking brings to help consumers keep even more money in their pockets.
Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!
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Have a great week and stay safe!
The Banq team