Jul 12, 2021: Financial Advice w/ Multiply

Written by Dragos Cocosila

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.)and a look at how Open Banking is making personalized financial advice accessible to all consumers.

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Our Current Coverage

  • • We track 2,890 banks providing Open Banking services! (+2 from last week)

  • • 1,032 APIs currently tracked on our platform!

  • • 440 TPPs in the ecosystem!

  • • 89 Global markets covered!

  • • 35+ Open Banking API Aggregators!

  • • 142 Open Banking powered apps! (+1)

  • • 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 (July 6th to July 12th):

We initiated coverage and provided Open Banking API information for:

  • Anchorage: is the first federally chartered digital asset bank in history. It's the most advanced and secure crypto platform that gives institutions easy and efficient access to crypto custody, trading, financing, staking, and governance services.

  • FairMoney: Download the app to get access to financial services in Nigeria.

  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀

  • • And many more!

We continue to cover over 35 aggregators!


Open Banking Use Case Spotlight: Financial Advice w/ Multiply

Home ownership is a goal for most people in the world. Not only is owning a piece of the world a comforting thought, but it is also a crucial part of building the wealth of an individual throughout their life. Sadly, however, due to ballooning real-estate prices and stagnating wages, home ownership in the United Kingdom is becoming more difficult by the year, and more people are forced to continue renting their residences. This is not the ideal situation because the rent doesn’t build equity for the renter. Therefore, there needs to be a solution for helping people get into their first home to begin building their wealth. Still, customized financial advice is usually the domain of the already wealthy individuals. Thankfully, fintech companies like Multiply use Open Banking to make the crucial financial advice accessible to all users, regardless of their net worth.

Using the granular data that Open Banking unlocks enables apps like Multiply to provide financially sound advice to people that wouldn’t usually have enough net worth to access a financial advisor. The CEO of Multiply, Vivek Madlani, said, “we want to put the power of a personal financial advisor in everyone’s pocket to help Brits access the advice they need to do the stuff that really matters to them – buying a home, saving for retirement, starting a family.”

They use propriety AI combined with the listings of different homes in the user’s area to motivate their savings and calculate the necessary amounts that the user needs to save to afford a particular house. Thus, coaching the user into financially wise spending habits to get the user into their dream homes faster to stop building equity for the landlords and start working on their own net worth.

The takeaway:

The Open Banking revolution has ramifications in every corner of the finance landscape. So we’re glad to see that there are fintechs dedicated to helping end-users reach their financial goals through AI-powered customized finical advice and making the dream of homeownership more inclusive.


Feedback

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

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