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 improving employee experience.
Our Current Coverage
• We track 2,791 banks providing Open Banking services! (+2 from last week)
• 1,024 APIs currently tracked on our platform!
• 434 TPPs in the ecosystem! (+30!)
• 86 Global markets covered!
• 35+ Open Banking API Aggregators! (with more coming very soon...)
• 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 (Apr 6th to Apr 12th):
We initiated coverage and provided Open Banking API information for:
• GO2bank: a Green Dot Bank's digital banking initiative. GO2bank is a division of Green Dot Bank.
• SadaPay: a digital bank bringing modern financial services to Pakistan, where 87% of over 220 million people are formally unbanked.
• Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀
• And many more!
We continue to cover over 35 aggregators!
Open Banking Use Case Spotlight: Open Banking and Employee Experience w/ Perkbox
Employee experience (EX) has been nothing if not turbulent since the start of the pandemic. Still, it’s important to remember that happy, engaged employees are part of a sustainable business plan even in work-from-home times. Companies that are among the heaviest investors in EX are over four times as likely to be included in the top employers' lists on Glassdoor or LinkedIn.
Companies invest in EX by offering their employees discount packages at retailers in their community, but these are complicated to implement. Often these programs require a separate card proving employment at an organization that qualifies for a discount and requires an adjustment to the vendor’s point of sale system to recognize that a discount needs to be applied. Because of these complications, typically, only large, established businesses participate in such offerings, leaving the local companies out of the equation.
Using Open Banking, Perkbox seeks to streamline the whole process by connecting to the employee’s existing debit or credit card and unlocking an ecosystem of deals and savings in the community. As an extension, since the employee is now a profile with rich data attached and not just a card number, the perks can be targeted to be of actual interest to each specific employee instead of a blanket discount voucher. Furthermore, because there is no need to modify the vendor’s system, it’s much easier for small businesses to participate in employee discount programs. Meaning that all parties involved get more value out of the perk program than they would from pre-negotiated deals with major brands that go unused.
Companies like Perkbox see Open Banking as an opportunity to offer innovative ways for companies to improve their EX while reducing costs and making the programs more inclusive and beneficial to the employees through their customizable nature. With the widespread adoption of Open Banking, we’re excited to see how EX will continue to evolve.
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!
We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates!
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Have a great week and stay safe!
The Banq team