So what exactly is Open Banking? Open Banking gives you access to view a person's bank account in real-time. It's powered by our partner Truelayer. It's an alternative to asking for images or copies of bank statements. An added benefit is that it also allows you to give better financial advice to your members (e.g. how to manage expenses). Below is a screenshot of what you would be able to see when you access a member's connected bank account.
Active Management. You can easily run though the different categories of a member's spending with a few clicks. Below is a screenshot showing a search on ‘gambling’ as the classification. This is showing how much the customer spent on gambling over a defined period of time
Download a Copy and access it on Excel. You can easily export the whole 3 months' worth of data to analyse it with an internal system or you can even choose specific data points you'd like to look at. For the screenshot below, we've chosen to look specifically at Gambling data.
Somethings you might want to let a member know:
- They can request to revoke access to their open banking account anytime. Click here to see how to revoke access.
- You will be able to view their bank transactions for a period of 3 months after which access will be automatically revoked.
- Every time you access their Open Banking information they will be automatically notified.
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