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How financial data is powering a new generation of ideas

Financial data has until recently been an untapped powerhouse of insight into a customer’s mind and heart. But now this data is in the hands of consumers instead of being locked away in their banks’ vaults – opening up space for innovation and enabling a range of new ideas that can make a big impact in people’s lives.

Flowers

Now that consumers are in control of their own financial data, they can choose to share it with whoever finds clever ways to transform it into valuable services. Cue innovators from every corner, who can tap into this goldmine of information to deliver better, bolder new products and experiences that enrich customers’ lives – and not just financially.

Being able to understand someone’s finances and spending patterns provides invaluable insights into their behaviour, preferences, and even values. And it opens up way for new services that can really speak to their hearts and make an impact in their daily lives.

Services that give solid recommendations and personalised advice. That help people make better decisions, or remove some of the stress from navigating all their adult responsibilities. 

This creates a tremendous opportunity ahead, and not just for bankers or other financial industry players. It’s for the entire market. Digital disruptors from every sector and size, with ideas big and small.

Opening the market for new possibilities

The digital shift in banking is not only increasing competition in the financial industry, but opening up the playing field for more contenders. Bankers are no longer alone, and creating a winning digital banking offering is no longer the endgame. At least not the only one.

There’s no way of telling exactly what new products or services might pop up, or just how much consumers’ lives will change. Because much like a smartphone, the access to financial data is a tool – its true value lies in the applications you can build on top of it. The rise of the sharing economy wasn’t a self-evident consequence as soon as the iPhone was released.

Some companies are already developing new products and use cases that would not be possible a few years ago. They’re using financial data to help people analyse the environmental impact of their consumption habits, better understand their financial standing to make smarter investment decisions, or to set people up with the credit card that best matches their needs and spending behaviours.

And there’s a lot more that can be done. By keeping tabs on a person’s wallet, you can help them better understand their habits – and curb their worst impulses. You can nudge them towards making lifestyle improvements. Or give them personalised advice to help them reach their goals – be it saving for that dream vacation, cutting down on fast food, or making more eco-friendly choices.

These are just a few examples. The reality is: the possibilities are endless. 

We’ll leave coming up with these big, bold ideas up to you – no matter what big vertical or small niche you’re in. And we’ll continue to focus on our thing: building the platform to help you get there.

A platform for innovation

Having access to data is one thing, but just like oil, data only really has value once it’s refined. What sets our platform apart is the fact that, besides higher-quality access to a wealth of financial data, Tink has its own refinery too. We don’t just extract the raw data, but we enrich it, creating the insights necessary to bring real value for customers.

Now’s the time to start experimenting. Everyone has the same chance to create the future of financial data-driven services – and beyond. To bring new services to market that can not only win millions of customers, but also improve people’s lives. 

So if you have a good idea – you can get started right away. We encourage innovation in whichever corner you can conceive it. We’re here to help ideas thrive, wherever they may come from.