Jun 21, 2021: Saving Cents w/ Peaks

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.), a look at how Open Banking is making putting some money aside much easier.

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Our Current Coverage

  • • We track 2,881 banks providing Open Banking services! (+4 from last week)

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

  • • 440 TPPs in the ecosystem!

  • • 89 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 (June 15th to June 21st):

We initiated coverage and provided Open Banking API information for:

  • Better: banking that helps you fight unexpected medical debt.

  • Ivella: is building the best banking products for couples.

  • Purple: is a bank for people with special needs.

  • Warba Bank: strives towards becoming an Islamic Corporate and Investment Banking Champion with a lean digitally enabled Retail Business.

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

  • • And many more!

We continue to cover over 35 aggregators!


Open Banking Use Case Spotlight: Saving Cents w/ Peaks

The importance of savings, and even the most straightforward investment account, cannot be overstated when considering how they contribute to an easier life in our later years, but around 29% of Europeans don’t even have a savings account, never mind a growing nest egg for retirement. But consciously setting money aside each month is an easily forgotten chore, so we need a solution for people who don’t have time to think about their savings.

Banks have been offering their clients purchase rounding services for many years to combat this user apathy. They automatically take every purchase that a client makes and round it up to the nearest whole Euro, and deposit the difference in a savings account for the client. It’s an easy way for people to save money, but if a user has more than one bank they deal with, the savings accounts in each bank would never merge and be easily investible unless the user manually initiated the transaction. Fintech companies like Peaks eliminate this layer of complexity and revolutionize how people are saving and investing their money.

Peaks uses Klarna’s Open Banking APIs to connect to a user’s accounts and track every purchase made across the different banking institutions that a user may use. Then Peaks rounds up every purchase to the nearest Euro and invests those cents into one of their managed portfolios that the user picks based on the user's risk/return profiles and stated goals. The most significant benefit of a service like automatic purchase rounding is that it is truly a ‘set and forget’ type of investment where the user doesn’t have to make decisions about budgeting and portfolio allocation, making investing a more inclusive practice.

The takeaway:

Open Banking is paving the way for a more inclusive financial services industry where fintechs can take over the complicated tasks, and the users can reap the financial benefits of the technology. There’s no longer any excuse for someone not to have a little something squirreled away for their golden years when apps do all the hard work for the user; they just have to sign up. We like to see how liberating account-level data from banks is empowering consumers' financial prosperity, and we’re excited about other transformative innovations that come out of the transition to Open Finance.


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!

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Have a great week and stay safe!

The Banq team

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