How Anyfin is leveraging tech to create financial well-being

Swedish startup Anyfin was created to help consumers take back control of their financial situation and get rid of unnecessarily high interest rates. Here’s how they’re using Tink’s account aggregation technology to provide greater transparency and better user experience for their customers.

TL;DR – Quick summary

  • Swedish startup Anyfin aimed to help consumers take back control of their finances and stop paying high interest rates.

  • Besides refinancing loans, they wanted to provide smart budget tools directly in their app.

  • To do that, they’re using Tink’s account aggregation to give customers more visibility over their finances.

  • The Anyfin app now has many smart features to help improve customers’ financial well-being.

How Anyfin is leveraging tech to create financial well-being

As much as 30% of Sweden’s population have some sort of loan, and on average, Swedes have over 20,000 SEK (about €1900) in consumer credit with remarkably high interest rates.
And the truth is – too many people pay unnecessarily high interest on their installments, credit cards or private loans. Anyfin wanted to fix that, and make it easy for people to get good credit and learn to manage their economy so they wouldn’t need to get unfair loans again. Here’s how they’re doing it.

Giving the power back to consumers

Anyfin launched in 2018 wanting to solve consumer’s lending problems using technology. They didn’t want anyone to pay more than necessary on their loan. Instead, they want to give the power back to the consumer.

What Anyfin does is take over high interest loans and give the user a more reasonable interest rate. They don’t give an offer unless they can improve the terms of the existing loan. They skip unnecessary middlemen and use smart technology to offer customers the lowest possible interest rates.

Anyfin wanted to take their refinancing product one step further. Now, they also provide a smart budget tool directly in their app, empowering users to make better financial decisions and have control of their finances thanks to data-driven insights.

Towards a better financial future

To power their new budgeting product, Anyfin used Tink’s account aggregation technology to give users a complete overview of their finances by displaying all their bank accounts in one place.

To do that, users select the accounts they want to connect, consenting and authenticating with their bank. This lets Tink fetch the users’ accounts and transaction data in real-time so Anyfin can display it in the app within seconds.

By gathering all of the user’s accounts in one place, Anyfin can better understand their financial situation to identify the pain points and provide advice.

The app shows how much money a user has left to spend based on real-time expenses and spending behaviour, helps users keep track of monthly subscriptions, and calculates a daily budget to better manage finances until the next payday. Another smart feature is a ‘credit blocker’, which allows users to block certain credit providers so they can’t take on new lines of credit.

All these smart tools in one app help users avoid more high-interest loans and take back control over their money.

To Sweden and beyond

By leveraging open banking capabilities, Anyfin is helping users improve their overall financial well-being while improving business goals like improving the user experience and increasing engagement.

For now, Anyfin is using aggregation in Sweden – but as they grow, they’ll be able to easily expand using Tink’s platform to bring financial well-being to consumers all across Europe.

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