The value of transaction data comes into credit models
As Open Banking data becomes available in the Nordics every financial transaction generates data, giving organizations a hugely valuable resource right under their nose.
The value of data lies in being able to extract the insight you need to make the best decision,
often in seconds.
Traditionally, data has been owned and managed by IT departments but with data insight needed to drive every decision, data is becoming democratized within organizations too.
New data sources including open banking are giving organizations access to rich, up-to-date information, but to make the most of it, businesses will also need to embrace advanced analytics tools capable of connecting disparate datasets with customer-mapped data aggregation.
Experian's approach to Open Banking Analytics consists of three main elements:
Tools: Experian’s categorization machine Trusso helps to ensure accuracy in categorizing your transaction data.
Analytics: Experian’s analytical experts and have helped banks in the Nordic region to implement transaction data in their existing credit models.
Flexibility: Experian deliver solutions that meet customers' needs - whether it is categorized transaction data as a new data source, advanced analytics, or both.
Between April and May 2021, Experian conducted an Open Banking survey involving more than 100 clients from financial services, telecommunications, insurance, and ecommerce sectors, with the aim of better understanding the needs and priorities of organizations in the context of PSD2. The findings help to understand where businesses see the biggest opportunities and challenges.
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