Data Enrichment in Open Banking

Written by Yapily · April 15th, 2021

What is Data Enrichment?

Data Enrichment describes the additional level of insight that data science teams would usually derive from raw data sets. Yapily provides Data Enrichment tools on top of Open Banking infrastructure, to enable companies to unlock financial data and to derive further insights, that companies can use to enhance their products and services.

What can Data Enrichment be used for?

Data Enrichment enables customers to build more sophisticated and effective services by providing actionable insights from raw Open Banking AIS data. Getting these insights would usually require costly in-house data science/machine learning capabilities, by skipping these large investments in time and energy, customers can confidently mitigate risk and go-to-market faster.

Data Enrichment is more important than ever. Given the uncertainty of the last year for, in-depth data insights provide the valuable analysis that businesses need to improve the accuracy of their financial decisions.

Who needs Data Enrichment?

Lending firms are constantly making decisions around credit approval and risk monitoring for various businesses and consumers, all with highly divergent financial profiles. Without the insights from Open Banking Data Enrichment services, it can be much harder and costlier to make accurate or personalised decisions based on traditional data alone, such as credit scores. Click to read more on why lenders need Open Banking.

For accountancy firms, identified financial trends and spending patterns can be presented back to the client, to help them manage their overall financial health or cash flow more effectively.

Customer loyalty apps can further personalise their recommendations to customers through these powerful analytics.

Gambling and rental reference companies will find it important to recognise that affordability checks and financial advice can be derived from the insights uncovered by Data Enrichment tools.

What Data Enrichment tools do Yapily offer?

1. Categorisation

Identifies transactions by type, merchant and location - giving a full picture of spending habits and can be used to highlight risky/safe spending categories.

2. Balance Prediction

Predicts cash flow & balances based on prior balances and shows balance trends across accounts. This is used to determine whether a customer's balance will go up or down and if they're expecting to go into an overdraft.

3. Recurring Transaction Identification

Automatically identifies recurring transactions such as bills, subscriptions, regular & unpredictable income and provides insights into their timing, values, regularity, as well as next predicted payment date.

4. Affordability Report

Combines the results of the Categorisation, Balance Prediction and Recurring Transaction Identification to generate a snapshot of a person or business’s financial health and their affordability for particular financial products.

If you would like to find out how Yapily can help your business with Open Banking and Data Enrichment, please contact us here.

What are you going to build today?