Open Banking & Account Data · Use case

Power personal finance and budgeting apps

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Short answer

Users connect all their accounts; the provider aggregates balances and transactions, enriches them with merchant and category data, and keeps them updated. Coverage, enrichment quality and a painless renewal journey decide whether users stay.

What this use case is

Users connect all their accounts; the provider aggregates balances and transactions, enriches them with merchant and category data, and keeps them updated. Coverage, enrichment quality and a painless renewal journey decide whether users stay.

Who builds this

Budgeting apps
Neobanks with multibanking
Wealth apps
Employee financial-wellbeing tools

What your customer sees

  1. 1Connects several banks
  2. 2Sees all balances in one place
  3. 3Gets categorised spending insights
  4. 4Renews access occasionally

How Open Banking & Account Data solves it

1

User connects accounts

User connects accounts

2

Provider aggregates balances and transactions

Provider aggregates balances and transactions

3

Enrichment adds merchant, category and recurring payments

Enrichment adds merchant, category and recurring payments

4

Data refreshed on schedule

Data refreshed on schedule

5

Insights calculated in your app

Insights calculated in your app

6

Consent renewals prompted in time

Consent renewals prompted in time

Want to have

  1. Broad retail bank coverage
  2. Card and credit account data where available
  3. Enrichment and categorisation
  4. Scheduled refresh
  5. Renewal journeys
  6. Webhooks

Optional

  1. Subscription detection
  2. Savings and investment accounts
  3. Payment initiation for transfers between accounts

Design decisions

Data scope

Payment accounts only
Wider financial accounts

simplicity versus a complete picture.

What to put in your RFP

Coverage

  • banks and account types

Data

  • refresh
  • enrichment

Engagement

  • renewal flows

Commercials

  • per user pricing
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How to evaluate providers for this use case

  1. 1Coverage for your users
  2. 2Enrichment accuracy
  3. 3Renewal conversion

Pitfalls

  • Per-user pricing that does not fit a free app
  • Renewal drop-off eroding the user base
  • Enrichment errors undermining trust

What providers will ask you

  1. Target markets
  2. Expected users
  3. Monetisation model

Other Finlane categories that cover parts of this

This use case is solved mainly with Open Banking & Account Data. These categories cover specific parts of it and can be tendered alongside it.

Treasury & Embedded Investing

Savings and investing features

Payment Processing & Acquiring

Payments inside the app

Frequently asked questions

Other Open Banking & Account Data use cases

Verify income and affordability

Aggregate salary, expenses and balances across a user's accounts to power credit or KYC decisioning.

Add pay-by-bank checkout

Offer instant account-to-account payments as a cheaper alternative to cards, with SCA built in.

Automate accounting and reconciliation

Pull transactions and balances into an accounting or FP&A product, categorised and enriched.

Scope power personal finance and budgeting apps with Open Banking & Account Data providers

Scope this use case